Serica’s deals with BP, Total near completion as US sanctions waiver granted

Serica Energy said today that the US had granted a conditional licence removing restrictions on production from a UK North Sea field.

The waiver applies to the Rhum field, which is 50% owned by the national oil company of Iran, a country hit by US sanctions.

Receipt of the licence from the US Office of Foreign Assets Control (Ofac) allows the three parties to put the finishing touches to those deals.

The licence lets certain US and US-owned or controlled entities continue providing goods, services and support involving Rhum.

Serica and BP now expect to wrap up the transaction on November 30.

The OFAC License is valid until October 31, 2019, but may be renewed.

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