UK player Serica Energy has signed a deal with Marubeni Oil & Gas to acquire additional interests in the Bruce and Keith fields and associated infrastructure in the UK North Sea.

Under the $1 million deal, Serica will acquire a 3.75% interest in the Bruce field and a 8.33% interest in the Keith field and associated infrastructure.

Serica will also acquire the decommissioning obligations of Marubeni, but will receive in turn a cash consideration from the company.

The sale and purchase agreement comes a day after Serica agreed to buy out Australian partner BHP Billiton at the fields. It also follows acquisitions of interests in the two fields and the nearby Rhum field from BP and Total in the past year.

The recent transaction, together with the previously announced purchases from BP, Total and BHP, will result in Serica consolidating its ownership of the Bruce and Keith fields to 98% and 100% respectively post-completion.

The net 2P reserves attributable to the Marubeni assets as at 1 August are estimated to amount to approximately 950,000 barrels of oil equivalent. These reserves are in addition to the estimated 2P reserves of approximately 62.7 million boe attributable to Serica assuming completion of the BP, Total and BHP transactions.

Mitch Flegg, chief executive of Serica, said: “We are targeting completion of the transactions with BP, Total E&P, BHP and Marubeni on 30 November 2018 and our ownership in Bruce will then increase to 98% and in Keith to 100%.

“On that date over 110 staff will transfer from BP to Serica to join the team that we have recruited in our new operational headquarters in Aberdeen.

“It is our intention to build on the excellent work that has been performed by BP and its partners in Bruce, Keith and Rhum. With our consolidated ownership of the three fields, and as operator, we will be in a strong position to deliver enhanced returns from these assets and extend their operating lives for the benefit of our shareholders and fellow stakeholders in the North Sea and Aberdeen,” Flegg said.

The transaction has an effective date of 1 January 2018 and completion is subject to completion of the previously announced acquisition of interests in the Bruce, Keith and Rhum fields from BP.

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Serica buys more Bruce, Keith interests