Nexen: Buzzard Maintenance Has Overrun
by Dow Jones Newswires
|Tuesday, October 16, 2012
LONDON – Maintenance at the major North Sea Buzzard oil field has overrun, and the field is now expected to resume oil production this weekend, a spokeswoman for Nexen Inc., the field's operator, said Tuesday.
The delay has resulted in one November cargo, F1104, being dropped from the Forties loading program, North Sea crude traders have said. The cargo was Nexen's equity, according to the traders.
Forties is the main component of global benchmark Brent, used to price most of the world's oil. Issues at Buzzard, the largest Forties field, tend to provide strong support to Brent oil futures.
"Our original plan was to resume production in mid October," Patti Lewis, the Nexen spokeswoman, told Dow Jones Newswires. "This schedule has slipped slightly, with us now targeting oil production this coming weekend."
Copyright (c) 2013 Dow Jones & Company, Inc.
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