• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Shale Oil will it self destruct?
  • 6 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 18 mins White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 8 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 7 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 19 hours Starlink Internet Courtesy of Tesla
  • 1 day Panama revoked registrations of tankers flying under their flag that have not complied with sanctions. Most are Iranian tankers. Vessel seized in Gibraltar, Grace I, flying under Panamanian Flag. Registration revoked in May. England seizing justified
  • 22 hours Oil Price Could Fall To $30 If Global Deal Not Extended
  • 19 hours Rising air pollution and green house effect
  • 2 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Is This The End of BBQ?
  • 10 hours Germany exits coal: A model for Asia?
Oil Jumps On Hefty Crude Draw

Oil Jumps On Hefty Crude Draw

Oil prices rocketed on Wednesday…

WTI Tops $60 On Gulf Of Mexico Shut-Ins

WTI Tops $60 On Gulf Of Mexico Shut-Ins

Oil prices ended the week…

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
Download on the App Store Get it on Google Play