“LONDON–The Brent Pipeline System, which transports 100,000 barrels a day of the benchmark crude oil from North Sea fields to the export terminal at Sullom Voe, in the Shetland Islands, has been shut after a leak closed a key platform for the second time this year.
The outage cuts off supplies of as much as an eighth of all the crude that makes up the so-called BFOE, the four major North Sea crude-oil grades: Brent, Forties, Oseberg and Ekofisk. Other pipeline networks carry the Forties, Oseberg and Ekofisk components.
BFOE can be delivered against the Brent oil-futures contract on the IntercontinentalExchange Inc. (ICE). Prices for other grades of crude are set in relation to that contract, so changes in the BFOE price can echo more widely.
The pipeline system’s operator, TAQA Bratani, owned by Abu Dhabi National Energy Co. (TAQA.AD), said in a statement that a “hydrocarbon release” was detected on March 2 in one of the Cormorant Alpha platform’s legs…..”
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