Gulf Oil and Gas accountACCOUNT

North Sea Pipeline Closure 'Could Have Significant Impact on Consumers'

Source: www.gulfoilandgas.com 12/13/2017, Location: Europe

Weeks-long closure after discovery of hairline crack has lead to concerns over how higher prices could affect consumers during cold snap. The closure of a major North Sea Forties pipeline after a crack was discovered will have wide-reaching implications for the oil and gas industry, experts have said.

They said even a closure of a few weeks would have significant impacts on the industry. The price of Brent, the international benchmark, briefly rose to a two-year high of above $65 (£47) a barrel after the announcement, up from $63 at the start of the day.

Wholesale natural gas prices for same-day delivery in the UK surged by nearly 30% to a four-year high. With Britain facing a cold snap, there is a concern that the higher fuel prices may filter down into more expensive energy bills for consumers.br>
Ineos, which owns the pipeline, said that inspections had found a hairline crack that would require the Forties pipeline to close for weeks, which is expected to cause several oil companies to temporarily cease production.br>
The pipeline system is 235 miles long and connects 85 oil and gas platforms and facilities to the mainland.

Oil and Gas Pipeline >>

Oil and Gas Pipeline News in United Kingdom >>

Azerbaijan >>  1/11/2019 - As one of Europeís most strategic projects, TAP successfully completed financial close in December 2018, securing Euros 3.9 billion - the largest proj...
Russia >>  1/7/2019 - Support in German Chancellor Angela Merkelís coalition for a major new Russian gas pipeline is slipping as frustration with the Kremlinís brinkmanship...

Russia >>  12/23/2018 - Dynamically positioned pipelay vessel Pioneering Spirit has joined Nord Stream 2ís construction fleet and started pipelay works in the Finnish Exclusi...
Australia >>  12/18/2018 - The Woodside-operated Pluto LNG Project has supplied its first gas to the Dampier to Bunbury Natural Gas Pipeline with successful commissioning of th...

Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.