Aberdeen-based Parkmead is exiting the North Sea oil sector by selling its UK offshore oil licenses to Serica Energy for up to £134 million, marking a strategic shift towards renewable energy and gas production. The deal includes a £14 million cash payment and potential future payments of £120 million. Parkmead’s Executive Chairman, Tom Cross, expressed optimism about this transaction, allowing the company to focus on its renewable and gas assets in the UK and the Netherlands. This move aligns with the industry’s shift towards sustainable energy, contributing to the UK’s Net Zero Strategy and the growing demand for cleaner energy solutions.