US approves renewal of North Sea Rhum licenses

Jan. 23, 2023

The US Office of Foreign Assets Control has issued a renewed license and secondary sanctions assurance to Serica Energy concerning the Rhum gas-condensate field in the UK central North Sea.

Related To: Serica Energy

Serica is owner and operator of the Bruce (98%), Keith (100%) and Rhum (50%) assets consisting of over 25 wells, three bridge-linked platforms and extensive subsea pipelines and infrastructure that tie-in Rhum, Keith and the Western Area of Bruce to the Bruce facilities. Collectively, Serica says these assets provide a significant contribution to the UK gas demands.

Offshore staff

LONDON — The US Office of Foreign Assets Control has issued a renewed license and secondary sanctions assurance to Serica Energy concerning the Rhum gas-condensate field in the UK central North Sea.

Serica produces Rhum via a tieback to the Bruce field complex, both of which it acquired from developer bp. Iranian Oil Co. had a 50% interest in Rhum, although ownership of the latter’s shares was reportedly transferred to a trust in Jersey to Ensure that Iran gained no economic benefit from the field’s production.

The two-year renewal of the license and assurance will allow both US and US-owned or controlled entities and other non-US entities to continue providing goods, services and support to Rhum beyond Jan. 31, when the current license was due to expire.

Serica CEO Mitch Flegg said, “We are grateful to the UK government and regulatory authorities who have supported us in this process. The renewal of this license satisfies one of the completion conditions required for the acquisition by Serica of Tailwind Energy Investments.”

01.23.2023