UK’s Forties North Sea oil pipeline due to restart in early Jan -Ineos

21 Dec 2017   United Kingdom

Britain’s Forties oil and gas pipeline, one of the biggest in the North Sea, should restart in early January after repairs to a crack over Christmas, operator Ineos said on Thursday. Oil prices have risen since the pipeline was shut on Dec 11. Brent oil prices fell after the announcement to trade 25 cents down at $64.31 per barrel at 0925 GMT. The Forties is the biggest of the five North Sea crudes that underpin Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. “Work on the pipeline is progressing well and based on current estimates Ineos is planning to complete the repair around Christmas,” it said in a statement. ”Initially a small number of customers will send oil and gas through the pipeline at low rates as part of a coordinated plan that allows Ineos to carefully control the flow into […]

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