Nexen: Production Ramping Up On Buzzard Oil Field

LONDON--The operator of the U.K.'s Buzzard oil field said Friday that production from the field resumed during the last 24 hours and would be ramping up within the next two days.

Nexen Inc., a unit of China's CNOOC Ltd.(CEO), wouldn't comment on when Buzzard would reach full capacity. Production was impacted Monday after a steam release triggered an alarm.

A London-based trader said the outage had caused the front-month price of Brent to steepen relative to later months.

Nexen is the second largest oil producer in the U.K. North Sea, according to the company's website. In 2012, Buzzard generated 160,000 barrels a day of oil equivalent.

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UK Buzzard Field Back Over 200,000 Barrels Per Day

LONDON - The North Sea Buzzard oil field, which had been pumping below capacity since last week, is "gearing up to full rates," and is now producing over 200,000 barrels a day, a spokeswomen from field operator Nexen said Wednesday.

The spokeswoman said that the scheduled maintenance work had been "pretty much wrapped up" on Monday.

The slow down at Buzzard didn't have a big market impact, traders said. However, a prolonged and total closure of the field in Autumn of 2012 did have major consequences for the U.K., helping to tip it back into recession in the fourth quarter.

Buzzard is the U.K.'s most productive oil field, and is therefore closely watched.

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