BREAKING NEWS

BP shutting gas field due to sanctions on Iran

By ASSOCIATED PRESS

NOVEMBER 10, 2010 17:54

LONDON — BP PLC announced on Wednesday that it is shutting down production at its North Sea Rhum gas field, which is co-owned with the Iranian Oil Co., to ensure compliance with European Union sanctions against the Iranian regime.

BP said Wednesday it has decided to suspend production while it seeks further clarification from the British government on how the sanctions issued last month apply to Rhum, a 50-50 joint venture with Iranian Oil.

BP expects the production wind-down to take several more days, adding it will review the situation on further advice from the government.

The Rhum field, some 250 miles off Scotland's northeast coast, has been in operation since 2003.

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