Serica sanguine on sanctions

The firm's historic links to Iran are in the spotlight as US sanctions resume

Serica Energy is one of the firms seemingly punching above its weight in the North Sea as it seeks to acquire BP's stakes in the mature Bruce, Keith and Rhum (BKR) fields development. The acquisition would give it operatorship of a 5% share of UK gas production. Serica's chief executive, Mitch Flegg, told Petroleum Economist the company's agility as a smaller player with a tight focus on just a handful of assets gives it an advantage. It can delay cessation of production longer than would have been possible under the operatorship of BP, which has bigger fish to fry elsewhere. The snag is that a subsidiary of the National Iranian Oil Company owns a 50% stake in the Rhum field, which means tha