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Thursday, 6 April 2017

U.S. granted BP license to operate joint North Sea field with Iran | Reuters

U.S. granted BP license to operate joint North Sea field with Iran | Reuters:

"BP and Iran's state-run oil company received a license from the U.S. Treasury last year to operate their joint gas field in the North Sea following the lifting of Western sanctions on Tehran, BP said on Thursday. Production at the Rhum field was suspended in 2010 when Europe imposed sanctions on Iran over its nuclear program and only resumed four years later after Britain agreed to set up a temporary management scheme whereby all revenue due to Tehran would be held until sanctions were lifted. Following the removal of European Union and United Nations sanctions on Iran in January 2016, the temporary management scheme ceased."



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