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A Rhum deal: US sanctions threaten North Sea project

Uncertainty over US sanctions is causing jitters among oil and gas project developers

Just the threat of US sanctions against Iran and Russia is throwing oil and gas projects into doubt. The 22 May announcement that planned work would be postponed on the BP-operated Rhum field in the North Sea, in which the Iran's state-owned oil company has a 50% stake, comes hot on the heels of increased US pressure to halt the Nord Stream 2 gas pipeline from Russia to Europe. The North Sea situation is a complex one, given BP is in the process of selling its operator's stake in the Rhum field to rising London-based minnow Serica Energy, which is acquiring it as part of the so-called BKR package of assets along with BP's adjacent Bruce and Keith fields. Between them, the fields account for

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