Bloomberg News

One North Sea Forties Cargo for May Said to Be Deferred

May 03, 2012

One North Sea Forties crude cargo for loading in May was delayed by one day, bringing total deferrals for this month to nine shipments, according to three people with knowledge of the export program.

The shipment with parcel number F0511 will load on May 18 to May 20, said the people, who declined to be identified because the information is confidential.

Most of the deferrals were made after a halt at the 200,000 barrel-a-day Buzzard oil field, the biggest contributor to the Forties blend. Nexen Inc. (NXY), operator of the Buzzard deposit, started pumping from the reserve on April 25 after shutting for four days because of a fault at the fourth platform.

Forties is one of four grades that make up Dated Brent, the benchmark grade used to price 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 deferrals and cancellations of Forties cargoes for loading in May are as follows and don’t include two lots that were delayed from April to this month:

----------------------------------------------------------------
Parcel Number    Original Dates     New Dates
F0502            May 4-6            May 6-8
F0503            May 6-8            May 7-9
F0504            May 7-9            May 15-17
F0507            May 12-14          May 19-21
F0511            May 17-19          May 18-20
F0512            May 19-21          May 20-22
F0513            May 20-22          May 21-23
F0514            May 22-24          May 25-27
F0516            May 25-27          May 27-29
----------------------------------------------------------------

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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