UK’s BP and the National Iranian Oil Company (NIOC) have received a license from the US Treasury to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran, reported Reuters.
According to Press TV, the BP stated that the authorization was obtained in September 2016.
The Rhum gas field contains 22.6b cubic meters of gas. The field was discovered in 1977. However, in 2010, production was suspended due to sanctions imposed by Europe over the Iranian nuclear program. Then, operations were resumed in 2014 after Britain agreed to set up a temporary management scheme whereby all revenue due to Tehran would be held until sanctions were lifted.
Although the field’s current production is not clear, it is believed to be capable of producing around 8.5m cubic meters daily at its peak. In its 2016 annual report, BP emphasized it had obtained a net profit of $31.6m over the year from its 50% stake in Rhum field.