Gulf Oil and Gas accountACCOUNT

Serica Provides Update on OFAC License for Rhum Field

Source: www.gulfoilandgas.com 10/1/2018, Location: Asia

Serica Energy plc has received notification from BP that the US Office of Foreign Assets Control (“OFAC”) has issued a new licence relating to the Rhum Field. The licence authorises the provision of essential goods, services and support by certain US persons and businesses to the Rhum field until 4 November 2018, replacing an existing authorisation which expired on 30 September 2018.

Discussions continue with OFAC regarding the conditions under which authorisation may be given for the provision of goods, services and support to allow Rhum production to continue beyond 4 November 2018.

Mitch Flegg, Chief Executive of Serica Energy, commented:
“Serica welcomes the new licence which ensures that production from the Rhum field can continue. Discussions with OFAC and other parties regarding longer term arrangements to protect this valuable UK asset are continuing and all parties are working towards a successful conclusion. The transaction between Serica and BP under which Serica will acquire BP interests in the Bruce, Keith and Rhum fields upon receipt of the appropriate licences is an important part of this process and we are encouraged by the issuance of this interim licence. Both BP and Serica remain committed to completion.”

Acquisitions and Divestitures News in Iran >>

Mauritania >>  12/12/2018 - Total and the Ministry of Petroleum, Energy and Mines of Mauritania have signed an agreement awarding Total two new exploration and production contrac...
United Kingdom >>  12/12/2018 - UK Oil & Gas PLC has entered into a binding heads of terms with Solo Oil Plc to acquire their 30% shareholding in the PEDL331 onshore Isle of Wight li...

United Kingdom >>  12/10/2018 - Equinor and Verus Petroleum have completed their previously announced transaction, whereby Equinor has sold its 17% non-operated interest in the Alba ...
Egypt >>  12/9/2018 - Eni has announced that the sale of a 20% participating interest to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a...

United Arab Emirates >>  12/9/2018 - The Abu Dhabi National Oil Company (ADNOC) announced the four percent stake in its onshore concession, previously held by CEFC China Energy Company Li...
Mozambique >>  12/8/2018 - Qatar Petroleum entered into an agreement with an ExxonMobil affiliate to acquire a 10% participating interest in three offshore exploration blocks in...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Iran >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.