The Rhum gas field in the UK North Sea—in which a unit of the National Iranian Oil Company holds 50 percent—will continue operations after meeting the final condition under the U.S. sanctions on Iran, the field’s future operator, UK’s Serica Energy, said on Monday. All benefits to the Iranian firm from the Rhum field will be held in escrow for the period in which U.S. sanctions on Iran’s oil industry apply, Serica said, noting that thus the final condition for the license issued by the U.S. Office of Foreign Assets Control (OFAC) has been met. “These arrangements provide that all benefits accruing from and relating to IOC’s interest in the Rhum field will be held in escrow for such period as U.S. sanctions apply and ensure that neither IOC nor any direct or indirect parent company of IOC will derive any economic benefit from the Rhum field during that […]