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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
