Serica Energy has confirmed it has received a renewed waiver from US sanctions to continue operations from its North Sea Rhum field.

Rhum is co-owned by the Iranian Oil Company and the United States has placed sanctions on foreign firms working with Tehran after Donald Trump decided to pull America out of the Iran nuclear deal.

Serica took over as operator of the field, 240miles north-east of Aberdeen, in November last year from BP after receiving a waiver from the US Office of Foreign Assets Control (OFAC).

That waiver was due to expire on October 31, however Serica said it has now been renewed by OFAC

This ensures it can continue “providing goods, services and support” to Rhum, which accounts for around 5% of UK gas production.

Serica said the new licence expires on February 28, 2021.

Chief executive Mitch Flegg said: ““In production terms during Q2 2019 Rhum was the third largest gas field on the UKCS.

“The receipt of the renewed and extended License and assurance is an excellent outcome which protects this valuable British asset.

“Serica appreciates the support of the UK Oil and Gas Authority (OGA) and the relevant departments of the UK Government for its application.”