Oil and Gas

UPDATE 1-Russia extends search for explosive mines near CPC pipeline sea terminal

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MOSCOW, June 23 (Reuters) - Russia’s energy ministry said on Thursday that the search for explosive mines near the Caspian Pipeline Consortium’s (CPC) Black Sea terminal would be completed by July 5, extending the completion date from June 25.

CPC BFO-CPC, which accounts for around 1% of global oil trade, has had difficulties with exports via its Black Sea terminal this year.

It suspended oil loadings in March after damage to the loading facilities due to stormy weather in the Black Sea, which contributed to a global oil prices increase. Russia’s move to send troops into Ukraine, which is on the Black Sea, and resulting Western sanctions also help drive up crude prices.

The Russian energy ministry said on Thursday the decrease in Kazakhstan’s oil loadings from the terminal had been insignificant so far and the export schedule had been in line with requests from the exporters.

Initially, Black Sea CPC Blend crude oil exports had been set to rise to 5.114 million tonnes for July from 4.096 million tonnes in a revised June plan. Those plans were thrown into doubt because of the search for mines.

The pipeline, partly owned by U.S. oil majors Chevron and ExxonMobil, exported 53 million to 54 million tonnes of Kazakh crude last year. (Reporting by Reuters; Editing by Edmund Blair)