BP: N Sea Forties Buzzard Oil Field Output Dropped Last Week

The proportion of crude oil from the Nexen Inc. (NXY)-operated Buzzard oil field entering the Forties Pipeline System dropped to 17% in the week ended Nov. 20, from 35% in the previous week, according to data compiled by BP PLC (BP), the operator of the system, and published Tuesday.

Nexen wasn't immediately available to comment.

North Sea traders said last week output at the oil field, the largest contributing to the Forties crude stream, was zero for some time. A trader said Monday that power outage could have caused the drop.

Forties is the main component of benchmark Brent, used to price more than half of the world's oil. Supply disruptions in the North Sea, mainly attributed to issues at Buzzard, have provided support to Brent futures prices this year.

Traders said Monday the field was increasing production towards normal daily volumes.

-By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956; konstantin.rozhnov@dowjones.com

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