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BP Rhum Platform Load out.
BP’S huge Rhum gas field in the North Sea, jointly owned with Iran, is to be reopened after years of being frozen as part of sanctions against Tehran.
But hopes this will ease gas prices will take months to realise after BP said the operation would take six to nine months to restart.
The Government will co-manage the field with BP. Co-owner the Iranian Oil Company, which is state owned, will receive its share of the revenue but this will be held in a frozen account until relations with Iran improve further.
Gas prices have moved centre stage in the UK after Labour leader Ed Miliband promised to freeze energy bills if he wins the Election. The Government described Rhum as an ‘important contribution to the UK’s long-term energy security’. At its peak it supplied four per cent of Britain’s gas.
The Mail on Sunday revealed plans to reopen the field in September as part of a recent thaw in relations between the West and Iran. The move was confirmed by BP and the Government last week.
Rhum, 300 miles north of Aberdeen, cost £350million to develop and started pumping in 2005. The highpressure, high-temperature field is not designed to be shut for long periods, so Ministers said reopening it will help the…
Posted by Brian Simpson on November 13, 2013 at 11:29
Posted by Brian Simpson on November 6, 2013 at 8:00
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