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October 24, 2019

Serica receives renewed licence for Rhum field in North Sea

Oil and gas company Serica Energy has received a renewed licence and secondary sanctions assurance from the US Office of Foreign Assets Control (OFAC) with respect to the Rhum field in the North Sea.

Oil and gas company Serica Energy has received a renewed licence and secondary sanctions assurance from the US Office of Foreign Assets Control (OFAC) with respect to the Rhum field in the North Sea.

Serica owns a 50% interest in the Rhum field.

The OFAC licence and sanctions assurance will allow certain US and US-owned or controlled entities to provide goods, services and support to Rhum.

These actions will enable field operations and production to continue unaffected.

Following previous practices, the OFAC licence is actually supposed to be valid only until the end of this month, but in the most recent case, the licence has been issued for an extended period until 28 February 2021.

According to the company, the licence and the assurance may be renewed on application by Serica assuming the conditions continue to be met.

Serica Energy CEO Mitch Flegg said: “In production terms during Q2 2019, Rhum was the third-largest gas field on the UK Continental Shelf (UKCS).

“The receipt of the renewed and extended licence and assurance is an excellent outcome, which protects this valuable British asset.

“Serica appreciates the support of the UK Oil and Gas Authority (OGA) and the relevant departments of the UK Government for its application.”

In November 2018, the company signed an agreement to purchase BHP Billiton Petroleum Great Britain’s stake in the Bruce and Keith fields, along with associated infrastructure.

In August 2018, Serica Energy signed a sale and purchase agreement to acquire Total UK’s interests in the Bruce and Keith fields (BK acquisition) and associated infrastructure (BK assets) in the North Sea.

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