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New UK Oil Field Offers Relief After Outages

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A new U.K. North Sea oil field came online last week, offering one of the country’s largest independent operators some relief from a pipeline halt that forced a significant portion of the region’s output to stop.The startup of Premier Oil Plc’s Catcher field caps the biggest year for new offshore oil and gas projects in the country for about a decade. While the U.K. industry has shown surprising resilience to the three-year crude price slump, that success was marred earlier this month when a fault in a crucial pipeline underscored its reliance on aging infrastructure.New oil from Catcher, half of which is owned by Premier, offset only a fraction of the 400,000 barrels a day of output halted earlier this month after Ineos AG discovered a hairline crack on the Forties pipeline. Partial flows through the conduit restarted after the completion of repairs and will increase gradually, Ineos said on Tuesday.

Source: Premier Oil Field Startup Gives Relief After North Sea Pipe Halt – Bloomberg

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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