No 22



NIOC Subsidiary In UK North Sea Field Development

The Aberdeen-based Iranian Oil Company UK (IOC) subsidiary of the National Iranian Oil Company (NIOC) is to take part in the 350mn development of the Rhum field in the UK North Sea, under the first overseas field development by the Iranian state firm. On 21 May field operator BP announced that Rhum would be developed on a 50/50 ownership basis by the two companies, with project work commencing immediately and first...