There are reports that say British Petroleum (BP) is to be exempted from the U.S. and EU oil embargoes.  It was part of the deal to get the European Union to impose sanctions against Iran.

BP was born out of the old British controlled Anglo-Iranian Oil Company. Despite the decades of sanctions against Iran (since the early 1980s) BP has still managed to do business with Iran.

BP, and a Norwegian company (Statoil), are currently running a natural gas operation in the Caspian Sea in co-operation with Iran, called Shah Deniz.  But back in the United Kingdom, sanctions forced BP to shut down a North Sea gas operation, because it was 50% owned by Iran!

British officials do not want anymore halts to BP operations, so they lobbied hard with the United States to get BP exempt from any European/U.S. oil embargo.