The UK’s Rhum gas field, in which the National Iranian Oil Company (NIOC) holds 50%, will continue working after meeting US sanctions conditions against Iran, the field’s future operator, UK’s Serica Energy said.
NIOC subsidiary IOC will see its revenues from the field held in escrow while the sanctions are in effect.
“These arrangements provide that all benefits accruing from and relating to IOC’s interest in the Rhum field will be held in escrow for such period as U.S. sanctions apply and ensure that neither IOC nor any direct or indirect parent company of IOC will derive any economic benefit from the Rhum field during that period,” Serica said in a statement.
IOC will also be stripped of its decision-making powers for the duration, the company added.
Serica CEO Mitch Flegg said that the decision was an “important step” to prevent supply disruptions from the Rhum field.