May 22, 2018 / 7:05 AM / 3 months ago

Serica says awaiting U.S. license for Rhum field

(Reuters) - Serica Energy is still awaiting clarity on the impact of the renewal of U.S. sanctions on fields in the North Sea half-owned by a UK subsidiary of the National Iranian Oil Company and has put off the recompletion of one well as it waits for the result of U.S. approval applications, it said on Tuesday.

The firm agreed to buy 50 percent of the Rhum field from BP last year in a transaction it expects to close in the third quarter of this year.

The company said that certain services in support of the Rhum field were provided under a license for BP from the US Office of Foreign Assets Control (“OFAC”) which expires on Sept. 30.

It said BP and Serica had applied for a renewed license beyond that date and would meet with OFAC in the next few weeks. It has put on hold work on the Rhum R3 well it said was due to commence this week until the approval situation is resolved.

Reporting by Rahul B in Bengaluru

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