North Sea

Sources: UK Forties Oil Output Below Plan, Delaying Some Cargoes

26 Aug 2017   North Sea

The North Sea Forties crude stream is pumping less oil than expected, leading to delays in the loading of some cargoes of the crude, two trade sources say. LONDON, Aug 25 (Reuters) – The North Sea Forties crude stream is pumping less oil than expected, leading to delays in the loading of some cargoes of the crude, two trade sources said on Friday. “Production is below plan,” one of the sources said. “There are deferrals being offered.” Forties was originally scheduled to load 271,000 barrels per day in August, a lower-than-usual rate due to planned seasonal maintenance at offshore oilfields connected to the pipeline. The two trade sources said that the Total-operated Elgin-Franklin field in the North Sea was returning to operation from maintenance later than expected, reducing Forties output from the planned levels. Total could not immediately be reached for comment. Forties is the largest of the four […]

Total overtakes Shell in North Sea where appetite for assets remains high

23 Aug 2017   North Sea

French oil major Total ( TOTF.PA ) has overtaken rival Royal Dutch Shell ( RDSa.L ) to become the second-largest producer in the North Sea with its acquisition of Maersk’s ( MAERSKb.CO ) Norwegian and UK producing assets. The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped the French company rebalance its portfolio by adding assets in developed countries after going for projects in riskier places such as Iran and Russia. The deal boosts the share of eight global oil majors in the North Sea – Statoil, Total, Shell, Exxon Mobil ( XOM.N ), Conoco ( COP.N ), ENI <ENI.MI, BP ( BP.L ) and Chevron ( CVX.N ) – to back above three […]