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  • U.S. Businesses Licensed To Continue Work In North Sea Field Partly Owned By Iran
On October 24, 2019, the U.S. Treasury extended energy producer Serica’s license to continue operations at the Rhum field in the North Sea, until February 28, 2021. The waiver by the U.S. Office of Foreign Assets Control (OFAC) allows U.S. businesses such as oilfield service providers to work on the field while the National Iranian Oil Company is targeted by U.S. sanctions. According to Serica CEO Mitch Flegg, Rhum was the third-largest gas producing field in the British North Sea in the second quarter of 2019. Serica owns 50% of the Rhum field, which it acquired from BP last year, and Iran’s national oil company owns the remaining 50%. Iran’s share of the revenues from the field goes into an escrow account.

U.S. Businesses Licensed To Continue Work In North Sea Field Partly Owned By Iran

On October 24, 2019, the U.S. Treasury extended energy producer Serica’s license to continue operations at the Rhum field in the North Sea, until February 28, 2021. The waiver by the U.S. Office of Foreign Assets Control (OFAC) allows U.S. businesses such as oilfield service providers to work on the field while the National Iranian Oil Company is targeted by U.S. sanctions.
According to Serica CEO Mitch Flegg, Rhum was the third-largest gas producing field in the British North Sea in the second quarter of 2019. Serica owns 50% of the Rhum field, which it acquired from BP last year, and Iran’s national oil company owns the remaining 50%. Iran’s share of the revenues from the field goes into an escrow account.

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