UK-based oil and gas company Serica Energy has agreed to acquire bp’s entire stake in the P111 and P2544 licences in the UK central North Sea. This acquisition includes a 32% non-operated working interest in the P111 licence, which contains the Culzean gas condensate field, and the adjacent exploration licence P2544. Under the terms of the transaction, which has an economic effective date of 1 September, Serica Energy will make an upfront payment of $232m (£174.89m) in cash, subject to standard working c ...