Bloomberg News

Buzzard Share of North Sea Forties Oil Falls to 35% From 39%

February 02, 2012

(Updates with sulfur content in second paragraph.)

Feb. 2 (Bloomberg) -- The share of North Sea Buzzard crude in the Forties blend fell to 35 percent in the week to Jan. 29 from 39 percent a week earlier, BP Plc said on its website.

The drop in Buzzard share means the sulfur content of Forties blend declined to 0.65 percent from about 0.70 percent, according to the website.

Oil produced from Buzzard, the biggest in the Forties system, contains more sulfur than other streams, making it less valuable.

Four Forties cargoes of 600,000 barrels each for February loading were deferred by one to three days in the past week, four people with knowledge of the export program said. Exports of Forties were scheduled at 23 cargoes for February, one less than last month, according to a loading program obtained by Bloomberg News.

Forties is one of four North Sea oil grades that make up the Dated Brent benchmark, which is used to price crude from the Middle East, Africa and Russia. The other blends are Brent, Ekofisk and Oseberg.

--Editors: Rachel Graham, Rob Verdonck

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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