Nexen Eyes Restart of North Sea Buzzard Oilfield on Tuesday


LONDON, Sept 2 (Reuters) – The operator of the North Sea Buzzard oilfield is looking at restarting the field later on Tuesday, trading sources said, potentially adding more supplies to a market that has been pressured by a glut of crude in the Atlantic Basin.

Three sources said Calgary-based Nexen was looking to bring production back online on Tuesday afternoon as it struggles to ramp up output after summer maintenance, with a series of aborted restarts. Nexen was bought by China's state-backed CNOOC last year.

The field shut on Saturday, industry sources said on Monday, the second closure in a week as Nexen tried to restart the field for the first time since beginning maintenance in July.

Buzzard is closely-watched by oil traders worldwide as it is the biggest contributor to the Forties oil stream, the largest of the four benchmark crudes underpinning the price of international benchmark Brent crude oil futures.

Brent crude oil futures were down 89 cents a barrel at $101.90 a barrel at 0905 GMT on Tuesday, close to a 14-month low.

(Reporting by David Sheppard; Editing by Michael Urquhart)


Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Maintenance Controls Technician
Expertise: Maintenance Technician|Rig Mechanic
Location: Eighty Four, PA
Maintenance Supervisor - Drilling
Expertise: Maintenance Manager|Rig Mechanic
Location: Eighty Four, PA
Pump Down Operator
Expertise: Heavy Machinery Operator
Location: Odessa
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours