Serica Energy Plc said Nov. 5 it will grow its presence in the U.K. North Sea with an agreement to acquire further interests in the Bruce and Keith fields from BHP Billiton Ltd. (NYSE: BHP).

As part of the agreement, Serica Energy (UK) Ltd. will acquire a 16% interest in the Bruce Field and a 31.83% interest in the Keith Field plus associated infrastructure from BHP Billiton Petroleum Great Britain Ltd. for an undisclosed amount.

In total, Serica is expected to have 94.25% ownership in the Bruce Field and 91.67% in the Keith Field following completion of the company’s recent acquisitions, which also includes pending purchases in the region from BP Plc (NYSE: BP) and Total SA (NYSE: TOT).

“This acquisition, in addition to the previously announced transactions with BP and Total, place us in an even better position to unlock increased value from the assets and benefit from economies of scale,” Serica CEO Mitch Flegg said in a statement.

In November 2017, Serica announced the BP transaction under which Serica UK will acquire interests in the Bruce, Keith and Rhum fields in the U.K. North Sea and associated infrastructure from BP. Then, in August, Serica announced the Total E&P transaction with the purchase of further interests in the Bruce and Keith fields in the U.K. North Sea from Total.

Under the terms of the BP transaction, Serica UK will acquire a 36% interest in Bruce, a 34.83% interest in Keith and a 50% interest in Rhum. The deal has an effective date of Jan. 1, 2018, and completion is targeted on Nov. 30.

In its acquisition from Total, Serica UK will buy a 42.25% interest in the Bruce Field and a 25% interest in the Keith Field and associated infrastructure. The Total transaction also has an effective date of Jan. 1, 2018, and completion will be subject to completion of the BP transaction.

Additionally, completion of the acquisition from BHP is anticipated to take place immediately after the respective completion of the BP and Total transactions.

Flegg said the closing of the company’s pending acquisitions will represent a “major transformation for Serica in becoming one of the leading U.K. independent offshore operators and producers in the North Sea.”

Net production in first-half 2018 from the BHP assets was roughly 1,760 barrels of oil equivalent per day (boe/d), of which 81% was gas.

Serica’s pro-forma net proved and probable (2P) reserves are expected to increase by roughly 4 million boe to about 62.7 million boe post completion of its acquisition from BHP.

Offshore