North Sea Buzzard Oil Field to Shut Down for 4 Weeks
by Dow Jones Newswires
|Friday, June 15, 2012
Nexen Inc.-operated North Sea Buzzard oil field will have an extended four-week shutdown in the third quarter for the field's five-year regulatory inspection, a Nexen spokesman said Friday.
He didn't specify exactly when the shutdown will start. North Sea crude traders said Friday the field will likely be offline at the end of August and in September.
Buzzard produces around 200,000 barrels a day and is the largest oil field that contributes to Forties crude, the main component of global benchmark Brent.
Production issues and maintenance at the field last year and at the beginning of this year provided strong support to Forties prices. Sharp swings in the prices often push higher Brent futures.
Copyright (c) 2013 Dow Jones & Company, Inc.
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