• 50 mins Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 11 hours Conflicting News Spurs Doubt On Aramco IPO
  • 12 hours Exxon Starts Production At New Refinery In Texas
  • 13 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
Natural Gas: Fading the Weather

Natural Gas: Fading the Weather

Recent news reports on warm…

IEA: Oil Prices To Hit A Ceiling In 2018

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

UK Hopes to Earn Sanctions Waiver for BP Gas Field

US and European sanctions that have been in place against Iran since 2010 in an effort to restrict the country’s economy and force them to open serious talks about the true nature of their nuclear expansion plan, are also affecting other countries as collateral damage. The UK is one such country suffering as a result of the sanctions against Iran.

The Rhum field in the North Sea once produced five percent of Great Britain’s natural gas output, but due to the fact that it is jointly owned by BP and the National Iranian Oil Co., it was affected by the sanctions and production had to be suspended in 2010.

Britain now hopes that with hostile relations between Iran and the West finally beginning to cool off under the leadership of new president Hassan Rouhani they will be able to soon agree a deal that will ease the impact of the sanctions on the Rhum field, and allow production to resume once more.

Related article: Where's the Next Play for the Giants of Oil?

The British government hopes to be able to make an agreement with the European Union and the United States, to earn a sanctions waiver that will allow normal operations at the Rhum field.

One problem that the agreement must carefully address is the extent of the waiver. Companies that help to finance and service the fields remain worried that any waiver granted to the fields operators, would not stretch to them, protecting them from legal action potentially brought against them from their dealings with the National Iranian Oil Co.

A spokesman from the UK Department of Energy and Climate Change said that, “we are working to ensure the long-term security of the Rhum gas field but no decision has been made at this time on a solution.

As operator of the field our priorities are two-fold - to ensure the field remains safe and that we remain compliant with the law. It is up to the government to decide on the longer-term options.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News