Nexen: Production Ramping Up On Buzzard Oil Field

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LONDON--The operator of the U.K.'s Buzzard oil field said Friday that production from the field resumed during the last 24 hours and would be ramping up within the next two days.

Nexen Inc., a unit of China's CNOOC Ltd.(CEO), wouldn't comment on when Buzzard would reach full capacity. Production was impacted Monday after a steam release triggered an alarm.

A London-based trader said the outage had caused the front-month price of Brent to steepen relative to later months.

Nexen is the second largest oil producer in the U.K. North Sea, according to the company's website. In 2012, Buzzard generated 160,000 barrels a day of oil equivalent.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Brent Crude Oil : $62.01/BBL 2.48%
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