Baku, Azerbaijan, Nov. 28
By Farhad Daneshvar – Trend:
Chris Cook, a strategic market consultant, has rejected the opinion that a recent decision by the BP to sell its fields co-owned by Iran is linked to the possible US sanctions.
“Categorically not, since the sale is contingent upon there being no US sanctions which could affect Serica (Serica Energy),” Chris Cook, who also formerly headed the International Petroleum Exchange, replied to Trend's inquiry.
Reuters earlier reported that BP has agreed to sell to North Sea producer Serica Energy three fields in the aging offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran’s national oil company.
“BP, through their control of the North Sea Forties field and system, were founder members of ICE and instrumental for 16 years in the Oil as an Asset financialisation strategy. They have recently disposed of the Forties system to INEOS, now that is a mature asset of no further use for market strategies, and their other North Sea disposals to Serica are also a disposal of mature assets (with a low rate of return on capital) in favour of deploying the capital in upstream development with a higher return,” Cook said.
Meanwhile, the US Congress has until mid-December to decide whether to re-impose sanctions on Iran.