Nexen says North Sea Buzzard oilfield may be shut for another week

LONDON, Sept 2 Tue Sep 2, 2014 8:40am EDT

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LONDON, Sept 2 (Reuters) - The operator of the North Sea Buzzard oilfield said on Tuesday production could be shut for another week as it works to demobilise a drilling rig during a window of good weather.

Calgary-based Nexen, which operates the field, said Buzzard could be shut for "up to 10 consecutive days" starting from Saturday Aug. 30 when output from the oilfield was last stopped. Nexen was bought by China's state-backed CNOOC last year.

"This operation is highly weather dependent and requires calm conditions at sea for up to ten consecutive days," Nexen said in a statement.

"With fair weather forecast the decision was made to shut down on Saturday 30 August and good progress is being made."

Industry sources said earlier the firm had been eyeing a possible restart of the field later on Tuesday.

Buzzard is closely watched by oil traders worldwide as it is the biggest contributor to the Forties oil stream, the largest of the four benchmark crudes underpinning the price of international benchmark Brent crude oil futures. (Reporting by David Sheppard; Editing by Mark Potter)

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