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UK Desperate to Earn Sanctions Waiver for BP Gas Field

Source: www.gulfoilandgas.com 9/24/2013, Location: Asia

The tangible fact, which finally showed itself up as one of the slightest results of the illegal sanctions against Iran's energy sector, has made UK suffer in such a way that the UK Department of Energy and Climate Change (DECC) has called US and EU to even partly lift the anti-Iranian sactions imposed on a Rhum joint UK-Iran natural gas field located in the North Sea.

According to Wall Street Journal report, The National Iranian Oil Company possesses half the stake with British Petroleum (BP) in this offshore gas field which its daily output capacity is estimated to be 5.4 million cubic metres and it roughly provided 5 percent of the UK's gas output. The production operation of the fiels was hatlted due to 2010 Western imposed sanctions on Iran.

An EU spokperson said, "The BP gas field could be exempted from sanctions under an EU Council Regulation adopted in December 2012 amnding previous regulation on restrictive measures against Iran."

Now, UK hopes that it becomes possible for the country to reach an agreement with EU in order to earn a sanctions waiver and respectively lessen the impact of them on the Rhum gas field and allow the production to resume once more as the restrained relations between Iran and the West are believed to be gradually cooling down under the leadership of Hassan Rouhani.

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