The US government has extended by a further two years the secondary sanctions assurance relating to the UK Rhum field, which is half owned by Iran, the other owner Serica said February 27. The extension, granted by the US Office of Foreign Assets Control (OFAC), will now run until February 2027, Serica said in a stock-exchange statement. This means that “certain US and US-owned or controlled entities and all non-US entities,” can continue to provide goods, services and support to the field.
The field has benefited from an OFAC licence continuously since 2013 and the licence was last renewed two years ago. Iran’s share of revenues has been paid into an escrow account since then so that the heavily sanctioned regime cannot benefit from the asset. Its 50% partner had been Tailwind Energy which Serica has since bought.
URL: https://www.serica-energy.com/
Share this article
