US waiver to facilitate BP sale

The US Office of Foreign Assets (OFAC) has issued a waiver that will allow BP to proceed with the £300mn sale of a number of its North Sea gas fields to Serica Energy.

The divestment had been under threat from US financial sanctions on Iran because Iran’s state-owned oil producer IOC also owns a stake in one of the North Sea fields included in the asset sale.

The exemption means all revenues from the field owed to IOC will be held in escrow for as long as sanctions apply. IOC will also be stripped of any decision-making powers regarding the Rhum field.

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