Bloomberg News

Fourteen Forties Crude Oil Cargoes Said to Be Delayed

February 09, 2012

Feb. 8 (Bloomberg) -- A total of 14 North Sea Forties crude cargoes for loading in February and March were deferred by one to six days because of an unspecified production fault at the Buzzard field, according to a survey of seven people with knowledge of the export programs.

Nexen Inc., a Canadian oil company, didn’t respond to a Bloomberg e-mail and telephone inquiries on operations at its North Sea oil field. The company operates the 200,000 barrel-a- day Buzzard platform, the biggest blend in the Forties stream.

The share of 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 on Feb. 2.

Exports of Forties were scheduled at 23 cargoes for February and 24 for March, according to shipping plans obtained by Bloomberg News. Each shipment is for 600,000 barrels.

Forties is one of four grades used to price Dated Brent, the benchmark for more than half of the world’s oil. Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

Details of the deferrals are as follows:

--Editors: Raj Rajendran, Rachel Graham.

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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