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North Sea Pipeline Closure 'Could Have Significant Impact on Consumers'

Source: www.gulfoilandgas.com 12/13/2017, Location: Europe

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Weeks-long closure after discovery of hairline crack has lead to concerns over how higher prices could affect consumers during cold snap. The closure of a major North Sea Forties pipeline after a crack was discovered will have wide-reaching implications for the oil and gas industry, experts have said.

They said even a closure of a few weeks would have significant impacts on the industry. The price of Brent, the international benchmark, briefly rose to a two-year high of above $65 (£47) a barrel after the announcement, up from $63 at the start of the day.

Wholesale natural gas prices for same-day delivery in the UK surged by nearly 30% to a four-year high. With Britain facing a cold snap, there is a concern that the higher fuel prices may filter down into more expensive energy bills for consumers.br>
Ineos, which owns the pipeline, said that inspections had found a hairline crack that would require the Forties pipeline to close for weeks, which is expected to cause several oil companies to temporarily cease production.br>
The pipeline system is 235 miles long and connects 85 oil and gas platforms and facilities to the mainland.

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