Offshore staff
LONDON – Serica Energy has agreed to transactions with Marubeni Oil & Gas UK and BHP concerning the two companies’ interests in the producing Bruce and Keith fields in the UK central North Sea.
Assuming approvals for the purchases, Serica expects to own 98% and 100% respectively of Bruce and Keith by the end of November.
The deal with Marubeni differs from the sale arrangements with BP, Total and BHP, in that Serica will acquire Marubeni’s decommissioning obligations. In return, it will receive a cash consideration from Marubeni, with no deferred or contingent consideration.
Serica has also received notification from the US Office of Foreign Assets Control that all conditions have been met for the license relating to theRhum field, a tieback to the Bruce complex, in respect of the interest in the field held by Iranian Oil Company (UK).
All benefits accruing from and relating to IOC’s interest in Rhum will be held in escrow while the newly re-imposed US sanctions remain in place, ensuring that neither IOC nor any direct or indirect parent company in Iran derives any economic benefit from Rhum during that period.
In addition, IOC will have no decision-making powers over the field. The arrangements will allow third-party service providers to continue support for operations related to Rhum.
11/06/2018
