Middle East Economic Survey


No 44



EU Iran Sanctions Forcing BP To Shut North Sea Gas Field

EU sanctions imposed on Irans Energy industry that go far beyond the latest UN Security Resolution will oblige BP to shut down the operation of the offshore Rhum gas field which is located 390km northeast of Aberdeen. The field, which was awarded by Britain to the National Iranian Oil Company (NIOC) in 1972, was developed on a parity basis with IOC Ltd which is fully-owned by...