Wednesday, November 3, 2010

BP (NYSE:BP) Still Waits for Decision on Rhum Field in Iranian JV

The joint venture between BP (NYSE:BP) and Iranian Oil Company UK remains under a cloud, as the recent decision to sanction Iran over its nuclear program could result in the closure of the field.

BP has asked for clarification on the issue as to whether or not the Rhum field located in the North Sea falls under the sanctions.

BP and Iranian Oil Company UK are 50/50 partners in the venture.

When asking the UK government to clarify whether the fall under the sanction in the venture or not, the government seems to be unwilling to make that decision, and have thrown it back to BP on how to respond to ensuring they are in compliance with the [EU] regulations."

The Rhum gas field is 5 percent of the overall production of BP in the North Sea.

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