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UPDATE 1-UK Brent oil system still shut after Cormorant leak

Sun, 03rd Mar 2013 10:03

DUBAI, March 3 (Reuters) - The UK Brent oil pipeline systemremained shut on Sunday as the operator of the Cormorant Alphaplatform in the North Sea investigated a leak of hydrocarbonsinto one of the platform's legs, the operator said.

The closure, the second time the system has been closed inseven weeks, started on Saturday after the leak was found at the10,000 barrel per day (bpd) platform and the 80,000 bpd Brentpipeline system was shut as a precaution.

TAQA had shut the Brent pipeline system for a few days inmid January after discovering an oil leak in one of CormorantAlpha's legs. The weekday closure supported global oil pricesbecause Brent is one of the four North Sea oils used as abenchmark to price oil around the world.

A spokesman for the platform's operator, Abu Dhabi-basedTAQA, gave no indication of when the Brent system orplatform connected to it might re-open.

"The release remained within the platform leg and nohydrocarbons entered the environment," Abu Dhabi National EnergyCo (TAQA) said in a statement on its website.

"TAQA personnel are addressing the situation on CormorantAlpha and are working with partners to have the Brent pipelinesystem operational as soon as possible," it added.

TAQA said 71 non-essential personnel were evacuated from theplatform on Saturday but there were no injuries to any workers.

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.

Brent crude last traded Friday at $110.40 a barrel.The market is closed on Saturday and Sunday.

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

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Europe Gasoline/Naphtha-Margins slip as Red Sea attacks push oil higher

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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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LONDON MARKET CLOSE: FTSE 100 outperforms European peers

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