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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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7 May 2024 12:00

LONDON MARKET MIDDAY: Stocks buoyed by local data, strong US equities

(Alliance News) - Stock prices in London were up at midday on Tuesday, boosted by positive local economic data and tracking European equities that were buoyed by strong US stocks performance on Monday.

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7 May 2024 09:09

LONDON MARKET OPEN: Stocks track global equities rise while BP falls

(Alliance News) - Stock prices in London opened up on Tuesday, tracking European markets in reaction to New York stocks extending their rally on weaker US jobs data, while markets reopened in London after a bank holiday on Monday.

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7 May 2024 08:51

TOP NEWS: BP keeps up pace of share buybacks despite profit decline

(Alliance News) - BP PLC on Tuesday launched a fresh share buyback, despite a drop in first-quarter profit due to lower oil and gas prices and weaker fuels margins.

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7 May 2024 07:02

BP in $1.75bn buyback as Q1 profits fall on weaker prices, margins

(Sharecast News) - BP reported a worse-than-expected fall in first-quarter profit on the back of lower oil and gas prices, an outage at a US refinery and "significantly weaker" fuels margins as it also started a $1.75bn share buyback.

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6 May 2024 15:01

Shell to exit South Africa's downstream businesses

CAPE TOWN, May 6 (Reuters) - Oil major Shell will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.

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3 May 2024 13:47

British regulator awards more North Sea oil and gas licences

NSTA awards 31 new licences aimed at boosting output

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2 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

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1 May 2024 18:30

Sector movers: Oil, Autos drag on FTSE 350

(Sharecast News) - Weakness in the oil patch and among select cyclicals dragged on the FTSE 350 in the middle of the week.

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30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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24 Apr 2024 19:30

Trans Mountain oil shippers raise concerns about risk of delay to full service

April 23 (Reuters) - Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

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24 Apr 2024 09:58

Aker BP Q1 beats forecast as costs fall, Tyrving to start sooner

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

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24 Apr 2024 05:38

Aker BP Q1 beats forecast on record output, lower cost

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted a higher-than-expected net profit for the first quarter as production hit a record while costs fell.

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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

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