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Serica Energy receives renewed licence for North Sea Rhum field

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Oilfield Technology,

Serica Energy plc has received a renewed licence and secondary sanctions assurance from the US Office of Foreign Assets Control (OFAC) relating to the North Sea Rhum field, in which Serica has a 50% interest.

The licence and assurance will allow certain US and US-owned or controlled entities and also non-US entities to continue providing goods, services and support to Rhum beyond 31 October 2019; when the current licence expires. This will enable operations and production from the Rhum field to continue unaffected. Previously OFAC Licenses have been valid for a period of one year, but in this case OFAC has issued the License for an extended period up to 28 February 2021. The licence may be renewed on application by Serica assuming the conditions continue to be met.

Mitch Flegg, Chief Executive of Serica Energy, commented: “In production terms during 2Q19 Rhum was the third largest gas field on the UKCS. The receipt of the renewed and extended License 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.”

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