A Rhum deal: US sanctions threaten North Sea project
Uncertainty over US sanctions is causing jitters among oil and gas project developers
Just the threat of US sanctions against Iran and Russia is throwing oil and gas projects into doubt. The 22 May announcement that planned work would be postponed on the BP-operated Rhum field in the North Sea, in which the Iran's state-owned oil company has a 50% stake, comes hot on the heels of increased US pressure to halt the Nord Stream 2 gas pipeline from Russia to Europe. The North Sea situation is a complex one, given BP is in the process of selling its operator's stake in the Rhum field to rising London-based minnow Serica Energy, which is acquiring it as part of the so-called BKR package of assets along with BP's adjacent Bruce and Keith fields. Between them, the fields account for
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
