May 22, 2018

BP North Sea oilfield stake sale to proceed despite Iranian link — Serica

Serica Energy, the Aim-listed oil and gas company, said on Tuesday it remains "Fully committed" to completing the purchase of BP's stake in the Rhum field in the North Sea despite the decision by the US to pull out of the Iran nuclear deal and re-impose wider sanctions on the country. A UK subsidiary of the Iranian National Oil Company owns a 50 per cent stake in the Rhum field. Certain services to support operations on the field are currently provided under authorisations obtained from the US sanctions enforcement arm, the Office of Foreign Assets Control. Serica announced last year it would buy interests in the Bruce, Keith and Rhum fields in the UK North Sea from BP. Together the fields account for up to 5 per cent of Britain's indigenous gas production. It is working closely with BP to evaluate the potential impact of the changes and has the support from the UK authorities on all aspects, Serica added.

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