One Cargo Dropped From North Sea June Forties Loading Plan

One cargo of benchmark North Sea Forties crude, for June 11 to June 13 loading, was dropped from the export program, according to a revised shipping schedule obtained by Bloomberg News.

The shipments will total 23 cargoes instead of the original 24, the plan showed. Forties is one of four North Sea crude grades used to price more than half of global oil. The other blends are Brent, Ekofisk and Oseberg.

A total of six cargoes have been dropped from loading schedules over the past month, with one for April, four for May and one for June, shipping plans showed.

The 220,000-barrel-a-day Buzzard field, the biggest blend in the Forties crude stream, is running at a reduced rate of about 50 percent because of problems with the cooling system after resuming operations May 7, Pierre Alvarez, a Calgary-based spokesman for operator Nexen Inc., said May 9.

“We are going to be running at about half production level between now and sometime in early June,” Frank Chapman, Chief Executive Officer of BG Group Plc, said yesterday on a conference call. BG, the U.K.’s third-largest oil and gas company, has a 21.7 percent share of the field.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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