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Share Price: 491.25
Bid: 491.35
Ask: 491.40
Change: -0.05 (-0.01%)
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Open: 492.20
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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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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
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Monday 12 February 
no events scheduled 
Tuesday 13 February 
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Wednesday 14 February 
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Thursday 15 February 
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BP Marsh & Partners PLCex-dividend payment date
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Knights Group Holdings PLCex-dividend payment date
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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

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2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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