BP To Divest Interests In Bruce Assets To Serica Energy
Zacks Investment Research | Nov 21, 2017 09:04PM ET
BP plc (LON:BP) (NYSE:BP) has decided to divest a package of interests in the Bruce assets in the North Sea to Serica Energy plc. The company expects to conclude the sale and transfer of operatorship in the third quarter of 2018, subject to various approvals.
The assets, which consist of the Bruce, Keith and Rhum fields along with three bridge-linked platforms and related subsea infrastructure, are currently operated by BP.
Per the agreement, BP will receive an initial payment of £12.8 million from Serica Energy. In total, BP anticipates payments of roughly £300 million from the transaction. Investors should know that the integrated energy player will get the lion’s share of the expected proceedin the coming four years.
Discovered in 1974, the Bruce field was commissioned in 1993. Keith was tied to it in 2000. Rhum — a high pressure, high-temperature satellite field located 40 kilometers to the north of Bruce — was brought online in 2005.
In a separate announcement, BP and Eni SpA (NYSE:E) have reportedly expressed interest in developing the massive Majnoon oilfield, from where Royal Dutch Shell (LON:RDSa) plc Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.