Four N.Sea Forties cargoes cancelled.
Four North Sea Forties crude oil cargoes have been removed from the loading programme between the end of February and middle of March, traders said on Friday, after problems with a key production stream. Canadian oil company Nexen said on Thursday Britain's largest oilfield, Buzzard, which it operates, had reduced output to 30,000-50,000 barrels of oil equivalent per day from an average 200,000 boepd in the fourth quarter.
Nexen said Buzzard would pump at a reduced rate for between 10 days and two weeks, implying a total loss of up to 2.1 million barrels or around 3.5 cargoes of 600,000 barrels each.
Traders said on Friday four Forties cargoes that had been scheduled to load over the next few weeks had been removed from the loading programme. These cargoes were due to load Feb. 26-28, March 6-8, March 12-14 and March 16-18 and all were equity cargoes of Royal Dutch Shell. Traders said the most severe disruption to the Forties production stream would occur at the end of February and early in March but were unclear on the exact dates.
Shell officials were unavailable for immediate comment.