The U.S. Treasury, via the Office of Foreign Assets Control (OFAC), has extended a license for Serica Energy to operate the Rhum field in the North Sea, 50% owned by Iran's national oil company, for two more years.
The OFAC license and secondary sanctions assurance relating to the Rhum field, previously extended by two months to March 31, 2025, have now been renewed, with a new two-year license ending on February 28, 2027.
The license and assurance permit certain U.S. and U.S.-owned or controlled entities, and all non-U.S. entities, to continue providing goods, services and support to the Rhum field.
The Rhum field has benefited from an OFAC License continuously since 2013.
The gas field is located in block 3/29a, 44 km north of Bruce and is a subsea development tied back to the Bruce platform via an insulated pipeline.
Rhum is a strategic U.K. gas asset with significant upside potential. Partners in the field are Serica Energy, as the operator with 50% stake, and Iranian Oil Company (UK) with 50%.
The field features three subsea producing wells, R1, R2 and R3. Rhum changes to the subsea pipeline system were carried out around the end of 2024, which should increase reliability.