Repairs on UK Forties Pipeline Completed, System Set to Restart in Early January
UK Forties operator Ineos suggests all repairs are completed on the pipeline and tests are currently being conducted, according to Reuters. Oil flows are scheduled to resume in early January.
The pipeline was shut down on Monday 11 December following the detection of a leak, and has since removed around 400K b/d from the North Sea, causing a spike in the Brent/WTI differential, newswires report. The spread stood at $7.05/bbl at the end of Tuesday’s trading, near the $7.17/bbl reached in 25 September amid hurricane-related refinery shutdowns in the Caribbean, according to the Intercontinental Exchange.