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Sep 4, 2014

UK North Sea Buzzard oilfield restarts, ramping up

LONDON, Sept 4 (Reuters) – Production at the UK’s North Sea
Buzzard oilfield has restarted and will ramp up over the next
week after the demobilisation of a drilling rig, its operator
said on Thursday, marking the return of one of the key fields
that underpins Brent oil futures.

“With the safe demobilisation of the drilling rig complete,
production on Buzzard has now recommenced and will ramp up over
the next week as planned,” Calgary-based Nexen, owned by China’s
state-back CNOOC, said in an updated statement on Thursday.

Sep 2, 2014

Nexen says North Sea Buzzard oilfield may be shut another week

LONDON (Reuters) – Production at the North Sea Buzzard oilfield may be shut for up to a week as its operator Nexen works to demobilize a drilling rig, the latest delay to restarting one of the region’s most important fields.

While industry sources said the 200,000 barrel-per-day (bpd)field may return to operation sooner, Calgary-based Nexen said on Tuesday Buzzard could be shut for “up to 10 consecutive days” starting from Aug. 30 when output was last stopped.

Sep 2, 2014

Nexen eyes restart of North Sea Buzzard oilfield on Tuesday -sources

LONDON, Sept 2 (Reuters) – The operator of the North Sea
Buzzard oilfield is looking at restarting the field later on
Tuesday, trading sources said, potentially adding supply to a
market already under pressure from a glut of crude in the
Atlantic Basin.

Three sources said Calgary-based Nexen was looking to bring
production back online on Tuesday afternoon as it tries to ramp
up output after summer maintenance, with a series of aborted
restarts. Nexen was bought by China’s state-backed CNOOC
last year.

Aug 29, 2014

Brent rises on Ukraine crisis but heads for monthly fall

LONDON, Aug 29 (Reuters) – Brent crude oil prices rose
towards $103 a barrel on Friday as escalating violence in
Ukraine kept Europe’s markets on edge, but prices were still on
track for a monthly loss as ample supply and weak demand
outweighed political concerns.

The European benchmark oil contract had plunged over 12
percent from a nine-month high in June to a 14-month low last
week as weak demand led to an oil supply glut.

Aug 27, 2014

Brent rises near $103, rebounds from lows on North Sea outage

LONDON, Aug 27 (Reuters) – Brent crude oil rose towards $103
a barrel on Wednesday, recovering from a 14-month low hit last
week as traders monitored maintenance work in the North Sea,
although healthy global supplies limited gains.

Oil benchmarks on both sides of the Atlantic have fallen by
more than 10 percent since mid-June and remain on track to post
a second monthly fall against a backdrop of lower imports by the
United States and slowing growth in China and Europe.

Aug 27, 2014

Brent rises near $103, rebounds from lows on North Sea outage

LONDON, Aug 27 (Reuters) – Brent crude oil rose towards $103
a barrel on Wednesday, recovering from a 14-month low hit last
week as traders monitored maintenance work in the North Sea,
although healthy global supplies limited gains.

Oil benchmarks on both sides of the Atlantic have fallen by
more than 10 percent since mid-June and remain on track to post
a second monthly fall against a backdrop of lower imports by the
United States and slowing growth in China and Europe.

Aug 20, 2014

Brent crude oil rebounds off 14-month low towards $102

LONDON, Aug 20 (Reuters) – Brent crude oil edged higher
towards $102 a barrel on Wednesday, after slumping to a 14-month
low in the previous session, as growing output from Iraq and
Libya despite violence in those countries has kept the market
well supplied.

The international oil benchmark has fallen more than 12
percent since hitting a year-high of $115.71 in June. The surge
of radical Islamist militants in Iraq that first rattled oil
markets has yet to significantly cut supplies from the country,
which is the second-largest producer in the Organization of the
Petroleum Exporting Countries (OPEC).

Aug 15, 2014

Exclusive: Iraqi Kurds sell third major oil cargo, fourth heads to Croatia

LONDON (Reuters) – Iraqi Kurdistan has delivered its third major cargo of crude oil out of a Turkish port and a fourth is sailing to Croatia, showing the autonomous region is finding more buyers despite legal pressure from Baghdad and setbacks in the United States.

The Kurdish Regional Government (KRG), whose peshmerga forces are being supported by U.S. airstrikes in their battle against the radical Sunni militants of Islamic State, has been in a long constitutional fight with Baghdad over independent oil sales.

Aug 15, 2014

Iraqi Kurds sell third major oil cargo, fourth heads to Croatia

LONDON, Aug 15 (Reuters) – Iraqi Kurdistan has delivered its
third major cargo of crude oil out of a Turkish port and a
fourth is sailing to Croatia, showing the autonomous region is
finding more buyers despite legal pressure from Baghdad and
setbacks in the United States.

The Kurdish Regional Government (KRG), whose peshmerga
forces are being supported by U.S. airstrikes in their battle
against the radical Sunni militants of Islamic State, has been
in a long constitutional fight with Baghdad over independent oil
sales.

Aug 13, 2014

Brent crude oil falls to 13-month low on strong supplies

LONDON, Aug 13 (Reuters) – Brent crude oil fell for a fourth
straight day on Wednesday to its lowest in more than a year,
dipping towards $102 a barrel as strong supplies overshadowed
fears of disruptions from violence in OPEC members Iraq and
Libya.

The international oil benchmark has fallen 11 percent since
mid-June as the surge by Islamic State militants in northern
Iraq has yet to lead to any major supply outage, while global
crude output has been rising.