Baku, Azerbaijan, May 5
By Fatih Karimov - Trend:
Iran will keep its 50 percent share of the North Sea Rhum gas field, the Iranian Deputy Oil Minister Rokneddin Javadi said, IRNA news agency reported May 5.
BP and the National Iranian Oil Company (NIOC) jointly share the Rhum gas field with an equal share distribution of 50 percent.
Javadi, who heads the NIOC said that Iran will hold talks with BP to pay Iran's share of revenues made from sales of natural gas from the field.
Operations were suspended at the field in November 2010 after the EU introduced sanctions against Iran.
Accordingly, Iran's shares of the revenues from the field are currently frozen in an account in London due to international sanctions.
According to the estimates provided by BP, the Rhum field contains 800 billion cubic feet of gas and accounts for about 4 percent of the UK's annual gas production.
It should be noted that International sanctions against Iran was removed last January as nuclear deal between Tehran and Six world powers(UK, US, France, Germany, Russia and China) came into force.