Exploration & Production

Serica wins exemption to Iran sanctions for Rhum field

The United States has issued a licence and assurance for the Rhum gas field, according to a statement from Serica Energy
By Staff reporter 9 October 2018 0 32836

The United States Office of Foreign Assets Control (OFAC) has issued a licence and assurance for the Rhum gas field, according to a statement from Serica Energy, which had been lined up to buy BP’s 50% share in the project.

Rhum is co-owned by BP and a subsidiary of Iran’s state-owned National Iranian Oil Co. (NIOC), which means the field could have been subject to US sanctions against Iran from 5 November if it did not have an OFAC licence.

The licence will allow...