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Serica Energy Says Deal to Buy BP Stake in North Sea Asset Won't Proceed

Provided by Dow Jones Nov 10, 2025, 4:28:00 PM

By Mauro Orru

Serica Energy said a deal to acquire BP's stake in the Culzean gas condensate field in the North Sea wouldn't proceed as planned after a license partner didn't give the go-ahead.

BP had provisionally agreed last month to sell its stake to Serica for $232 million in cash in a deal that required consent from license partners TotalEnergies and NEO Next.

Serica, a London-listed oil-and-gas exploration and production company, said Monday that NEO Next had decided to take up its rights of pre-emption.

"While this outcome is of course disappointing, it was always known to be a possibility," Serica Chief Executive Chris Cox said. Cox added that the company would actively pursue further M&A opportunities to diversify its portfolio of assets.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

November 10, 2025 11:28 ET (16:28 GMT)

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