The U.S. Treasury extended a licence for Serica Energy to operate the Rhum field in the North Sea which is 50% owned by Iran's national oil company, energy producer Serica said on Oct. 24.
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.
The one-year waiver was first granted in October 2018 after U.S. President Donald Trump imposed tough sanctions on the Islamic Republic after pulling out of an international nuclear deal.
The new waiver was extended until Feb. 28, 2021.
Rhum was the third largest gas producing field in the British North Sea in the second quarter of 2019, Serica CEO Mitch Flegg said.
"The receipt of the renewed and extended licence and assurance is an excellent outcome which protects this valuable British asset," Flegg said in a statement.
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since June 2018, and for a third consecutive month, even as oil majors cut spending due to the COVID-19 pandemic's impact on energy demand and prices.
Two Weld County wells in the Wattenberg Field completed by Occidental Petroleum plus results from a Wilcox discovery by Exxon Mobil in the Gulf of Mexico top this week’s drilling activity highlights from around the world.
Just 18 of 62 planned wells were completed.