Oil companies are particularly beholden to global political forces, but Serica Energy had a tougher time than most when US-Iranian relations threatened its plans in the North Sea.
Serica’s deal to buy BP’s 50% stake in the Rhum field, northeast of Aberdeen, was nearly derailed by US sanctions on Tehran last year because the National Iranian Oil Company owns the other half of the field.
Rhum— which accounts for about 5% of North Sea gas — risked being shut down, but frantic negotiations followed. Bosses managed to find a solution that satisfied all sides and the deal was completed in late November.
That, along with recently acquired stakes in the Bruce and Keith fields next door from BHP, Total and Marubeni, has increased Serica’s production