North Sea Forties Crude Oil Cargo Deferred to August From July

One cargo of North Sea Forties crude was deferred to August from July, raising shipments for next month to 17 lots, according to a revised loading schedule obtained by Bloomberg News.

The deferred consignment, the first for this month, is for parcel number F0714 and will now load on Aug. 4 to Aug. 6, the plan showed.

The revised July program comprises of 22 cargoes of 600,000 barrels, compared with the original plan of 18. In the past month, four shipments were deferred to this month from June, two cargoes were added and one lot was dropped.

Output from the 200,000-barrel-a-day Buzzard platforms, the biggest stream in the Forties blend, has been less than normal in the past two months because of maintenance and technical issues, according to Nexen Inc. (NXY), operator of the field.

“Buzzard has been operating at reduced and variable rates as we undergo maintenance work on the cooling system, commission the fourth platform and manage production due to maintenance on related third-party facilities,” Pierre Alvarez, a Calgary- based spokesman for Nexen, said in an e-mail July 4.

The additional cargo will boost Forties shipments in August to 329,032 barrels a day, making it a two-year low rather than the least in four years earlier, according to Bloomberg calculations based on loading programs.

Forties is one of four North Sea crude grades used to price Dated Brent, the benchmark for more than half of global oil. The other blends are Brent, Ekofisk and Oseberg.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

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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