nexen buzzard

Supply of North Sea Forties Crude Sharply Lower [REPORT]

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July 6, 2012

Nexen’s Buzzard platform, image: NEXEN

LONDON (Dow Jones)–The volume of North Sea Forties Blend crude available for August is sharply lower than in July, a trader who had seen the loading program said Friday.

Volumes in August are traditionally light as producers typically use the month to conduct routine maintenance on their equipment in the North Sea.

The August loading program is scheduled at 290,323 barrels a day, compared with 367,742 barrels a day in July, the program showed.

August’s program consists of 15 standard 600,000-barrel cargoes, equivalent to a total volume of 9 million barrels, down 2.4 million barrels a day from July.

There are over fifty oil fields making up Forties blend, with the Buzzard field the largest component field, operated by Canadian energy company Nexen Inc.(NXY). The Forties pipeline System is fully owned and operated by BP PLC(BP).

-By Sarah Kent, Dow Jones Newswires

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