Nexen Eyes Restart of North Sea Buzzard Oilfield on Tuesday



Reuters

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)

 



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