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Share Price: 488.15
Bid: 487.80
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UPDATE 1-Still unclear when UK Brent oil system will reopen-TAQA

Mon, 04th Mar 2013 11:48

By Daniel Fineren

DUBAI, March 4 (Reuters) - The timeframe remains uncertainfor reopening the Brent pipeline system in the UK North Seaafter it was shut on Saturday due to another leak at theCormorant Alpha oil platform, its operator said on Monday.

The 80,000 barrels per day (bpd) Brent system was shut forthe second time in seven weeks on Saturday after more oil wasfound to have leaked into a leg of the 10,000 barrel per day(bpd) Cormorant Alpha platform, which has remained offline sincethe earlier leak.

In mid-January, the Brent pipeline system was reopened justtwo days after being shut as a precaution when the firstCormorant leg leak was found.

But two days after the pipeline was shut on Saturdaymorning, there is no restart time yet for the key North Seapipeline.

"We don't yet have a time scale as to when it will re-open,"a spokeswoman for the Abu Dhabi National Energy Co's (TAQA) UKbusiness said when asked when the Brent system could reopen.

When Abu Dhabi-based TAQA shut the Brent systemduring a working week in mid-January the closure supportedglobal oil prices because Brent is one of the four North Seaoils used as a benchmark to price oil around the world.

In both incidents non-essential staff were evacuated fromthe platform, nobody was injured and no hydrocarbons entered theenvironment, TAQA said in a statement on its website.

North Sea oil traders said they expected some delays toshipments of Brent crude as a result of the closure.

Six cargoes of 600,000 barrels each are scheduled to load inMarch, and the loss of output since Saturday's shutdown equalsmore than half of one of those cargoes.

"It is going to have some impact on the programme," said aNorth Sea oil trader.

After the weekend break, the Brent crude marketopened on Monday at $110.65, up only slightly from Friday'sclose of $110.40 a barrel.

Britain's Health and Safety Executive said it wasconsidering whether to launch an investigation into the latestincident at Cormorant Alpha. "We are aware and making initialenquiries, with a view to launching an investigation," aspokesman said.

The Brent system is jointly owned by 21 companies. Itconsists of part of the processing systems and structure on theCormorant Alpha platform, operated by TAQA, as well as apipeline connecting Cormorant Alpha to the BP -operatedSullom Voe Oil Terminal in the Shetland Islands.

Cormorant Alpha also handles oil from the Dunlin, Thistle,Northern producer, Murchison, North Alwyn, Tern, Eider and NorthCormorant Platforms.

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Trades   Bids     Offers   Prev.    Sellers  Buyers
(vol.) Trades
Ebob $727.50
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob $728
Barges
E10
Platts(fo
b ARA)
Ebob $735.50 Varo, Trafigu
Barges (4KT) Glencor ra
Argus e
E5(fob
AR)
Ebob $727 Shell, Varo,
Barges 11KT Exxon Totsa
E10 Argus
(fob AR)
Jan. swap $741.25 $725.25
fob ARA
Premium
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes
(cif NWE)
Naphtha Jan
(cif NWE) +$14
<NAF-C-NW
E>

Ebob crack (per barrel) $8.6 Prev. $9.7
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar; Editing by Mark Porter)

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