British Petroleum (BP) has halted the development of the Rhum gas field in the North Sea. BP owns half of the stake in this field, while the other half belongs to NICO, a company affiliated with the National Iranian Oil Company. BP was supposed to transfer its stake in this field and two others to Serica Energy, a British company, in exchange for $403 million. Serica Energy announced on its official website that following the announcement of the U.S. withdrawal from the JCPOA and the re-imposition of sanctions, BP has temporarily stopped the operation of a new well in the Rhum field. The report adds that BP and Serica are currently waiting for the status of sanctions to be clarified, and the purchase deal for BP's stake has been halted for now. The National Iranian Oil Company invested in the Rhum gas field in the North Sea near Norway six years before the Islamic Revolution, and this project commenced operations in 2005. However, BP halted the project in 2010 due to sanctions against Iran, and gas production from the Rhum field resumed after the sanctions were lifted. Continuing operations in this field, as well as the sale of BP's stake to Serica Energy, requires obtaining necessary licenses from the U.S. Treasury's Office of Foreign Assets Control so that American companies and citizens can participate in this project. Currently, BP's CEO, Bob Dudley, is a U.S. citizen. After the sanctions were lifted, the U.S. issued necessary licenses for service operations, equipment purchases, and gas sales from the Rhum field, but now new licenses must be issued again for these activities, including the sale of the Rhum stake. BP also announced in a statement that decisions regarding certain actions related to the Rhum field have been temporarily halted until it becomes clear where U.S. sanctions are headed. The company states that it is consulting with the governments of Britain and the U.S. alongside Serica Energy. Earlier, Serica Energy officials had indicated that if Europe does not impose sanctions against Iran, it would be possible to continue operations in the Rhum field, but difficulties arise in emergencies, and if an unforeseen incident occurs in this field, seeking help from American companies to exit a crisis would be impossible.
Stop in Development of Iran-Britain Joint Gas Field in the North Sea
BP has halted the development of the Rhum gas field in the North Sea due to the re-imposition of U.S. sanctions following its withdrawal from the JCPOA. This affects BP's stake transfer to Serica Energy, which is waiting for clarity on sanctions. The situation highlights the complexities of international energy operations involving Iran amidst geopolitical tensions.
👥 Key Players
📰 What Happened
BP has temporarily halted the development of the Rhum gas field in the North Sea due to the re-imposition of U.S. sanctions following the U.S. withdrawal from the JCPOA. This has also paused the sale of BP's stake to Serica Energy.
- BP owns 50% of the Rhum gas field, with NICO owning the other half.
- Operations and stake transfer require U.S. Treasury licenses due to sanctions.
💡 Why It Matters
📚 Background
The Rhum gas field was developed with Iranian investment before the 1979 Islamic Revolution and has been subject to sanctions-related disruptions.
Translated from the original and edited for English readers. View original source →
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