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.”