• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 59 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 21 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

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.”

ADVERTISEMENT

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News