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Serica Energy has announced substantial increment in its profit in the year 2018. The sales revenue of the company rose to £35m in 2018 from £11m. The Chief Executive of the company said, "In particular we aim to extend the field life of the BKR assets by concentrating on enhancing recovery and reducing costs through eliminating unnecessary complexity". The pre-tax profits of Serica surged to £45 million last year.
Amidst the reports that BP is cutting 3% of its overall labor force, the oil company has suspended work in one of its North Sea fields while it awaits clarity over US-imposed sanctions on Iran, as reported by BBC. The stakes of the Rhum oil field project is being sold to another British oil and gas operator, Serica Energy.
BP has postponed drilling of a fresh well in the Rhum field, owing to probable US sanctions. The BP-operated field is partially owned by an Iranian state-owned oil company, which has put BP in front of the firing line. The companies said that the deal might move ahead but will need a diplomatic "workaround" which can only be revived once the full scope of the US sanctions plans are understood.