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
Also in this section
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
8 November 2024
The former president’s victory likely heralds the return of a more market-oriented energy policy
7 November 2024
The move could have major ramifications for the LNG sector
6 November 2024
The crumbling of the country’s postwar political consensus may bolster the country’s LNG demand outlook by stymieing planned nuclear restarts