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Wednesday, 23 May 2018 13:00

BP delayed work in the North Sea

BP delayed work in the North Sea

BP has delayed work on its Rhum field in the North Sea while it seeks clarity over US sanctions on Iran.

The oil giant co-owns the field - about 240 miles north east of Aberdeen - with the Iranian Oil Company, although BP's stake is in the process of being sold to Serica Energy, Caspian Energy News (www.caspianenergy.net) reports with reference to BBC.

A fresh well was due to be drilled but BP has said that work is now on hold. Both firms said they remained committed to the deal, which is due to be completed in the second half of 2018. The news came as BP announced plans to cut 3% of its global workforce, meaning more than 500 jobs could go worldwide. The company said it was restructuring operations to make it more competitive and improve efficiency. It is not known how many of the 1,500 jobs in its North Sea operation are at risk. Rhum and its neighbouring assets, the Bruce and Keith fields, deliver about 5% of the gas produced in the UK.BP is selling its holdings in all three. The two companies said they were seeking dispensation from any US sanctions and had the backing of the UK authorities. The Rhum gas field accounts for 5% of all UK gas production and work was due to start on opening a new well to increase the amount of gas flowing to the mainland.

Some of BP's operations at Rhum are conducted under licence from US authorities and that licence is due to expire at the end of September.

More details: http://www.bbc.com/news/uk-scotland-scotland-business-44209016

Person in charge of the newsline: Fidan Isayeva

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