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Ineos Lifts Flow Restrictions through Forties Pipeline

Oil

Operator Ineos has lifted all restrictions on oil and gas flows through the UK Forties pipeline following the successful completion of repairs, according to newswires. The pipeline is set to resume normal operations at full capacity next week, bringing back about 450K b/d of North Sea crude supply. Production from regional fields that contribute to Forties Blend is gradually resuming, including Shell’s 90K b/d Shearwater and 145K b/d Nelson platforms and BP’s 45K b/d Bruce field in the North Sea, Reuters reports.

The system’s upcoming restart triggered a narrowing of the Brent/WTI spread, which has been a key driver of recent spikes and troughs in US crude oil exports. By 14:00 in London, the spread stood at $6.27/bbl, down $0.19/bbl from the average since the pipeline’s closure, according to information by the Intercontinental Exchange.