Serica renews US-Iran sanctions waiver for North Sea oilfield

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Serica (LON: SQZ) has renewed a sanctions waiver from the US Authorities over Iran’s stake within the Rhum oilfield within the UK North Sea.

The Iranian authorities, which is closely sanctioned by america, owns 50% of the sector.

Serica has secured a waiver extension that ensures that each one firms linked to the sector – Serica and its contractors – can present companies and items with out concern of US penalties.

The license renews as of the thirty first of January because the outdated one expires. Serica secured its OFAC in January 2021 following its deal to tackle its operated 50% stake in Rhum in late 2018.

Serica chief govt Mitch Flegg beforehand stated the association meant Iran had no affect over selections referring to Rhum and obtained no financial profit from the sector’s manufacturing.

Mr Flegg stated: “As soon as once more we have now secured a immediate renewal of the OFAC License for a interval of an extra two years.

“We’re grateful to the UK authorities and regulatory authorities who’ve supported us on this course of.

“The renewal of this License satisfies one of many Completion Circumstances required for the acquisition by Serica of Tailwind Vitality Investments Ltd.”

Serica Vitality is accountable for 5% of the gasoline produced within the UK and in addition operates the Bruce and Keith fields within the northern North Sea and the Columbus subject within the UK Central North Sea.

The UK agency has said that it believes its web manufacturing will enhance by between 50 and 80 per cent this yr and that stage of manufacturing will proceed into 2025.

This is able to imply that the corporate can be producing as much as 40,000 barrels of oil equal per day (boe/d).

This follows information that got here late final yr that  Serica had acquired the whole issued share capital of Tailwind Vitality Investments from Tailwind Vitality Holdings.

The Tailwind deal has just lately come below criticism by a minor backer as he voiced his “unmitigated disgust” in an open letter addressed to the UK operator.

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