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Forties Cargo Delays Expected as Fire Affects Production from Nexen’s Buzzard Platform

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April 23, 2012

LONDON (Dow Jones)–Output at Nexen Petroleum Inc.’s (NXY) Buzzard oilfield, the largest contributing to the Forties crude stream, has been down following a fire on the platform over the weekend, North Sea traders said Monday.

Further delays and cancellations of Forties cargoes resulting from the fall in production are likely, the traders said.

The U.K.’s Health and Safety Executive said earlier Monday the incident occurred on the Buzzard production sweetening platform, which is linked by a bridge to the main Buzzard facility.

Nexen wasn’t available to comment.

Loadings of Forties crude, the main component of global benchmark Brent, have fallen in April and have been already scheduled to be sharply lower in May following a gas leak on the Elgin field, which also contributes to the Forties stream.

Tight Forties market tends to support the price of Brent futures.

-By Konstantin Rozhnov and Sarah Kent, Dow Jones Newswires

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