North Sea Maintenance Means August Crude-Oil Loadings to Fall 24%
July 11 2014 - 8:30AM
Dow Jones News
The amount of crude oil due to be pumped from the North Sea
fields will by 24% in August, field maintenance takes out swathes
of production.
The big change comes in the amount of Forties crude to be
loaded, according to provisional loading programs seen by The Wall
Street Journal.
The Buzzard oil field, where Forties is produced and which is
the U.K.'s biggest contributor to oil production, will be out of
action for two weeks for scheduled maintenance work. Only four
cargoes of Forties will be loaded in August, compared with 19 in
July.
Other grades will increase loadings to compensate. There will be
seven Brent cargoes in August, up from six in July, and seven of
Oseberg, also up from six. Ekofisk will load 17 cargoes in August
compared with 15 in July.
Loading programs are released and circulated among oil traders
and brokers, but don't give a perfect indication of oil volume
because they can be subject to change.
Brent crude is of international importance because it remains
one of the most liquid markets and influences oil prices across the
globe.
North Sea loading programs:
July 2014 August 2014
(barrels) Volume (B/D) (barrels) Volume (B/D)
Brent 3,600,000 116,129 4,200,000 135,483
Forties 11,400,000 367,742 2,400,000 77,419
Oseberg 3,600,000 116,129 4,200,000 135,483
Ekofisk 9,000,000 290,323 10,200,000 329,032
Total BFOE 27,600,000 890,323 21,000,000 677,417
Write to Cassie Werber at cassie.werber@wsj.com, Twitter:
@cassiewerber
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