New UK Oil Field Offers Relief After Outages

A new U.K. North Sea oil field came online last week, offering one of the country’s largest independent operators some relief from a pipeline halt that forced a significant portion of the region’s output to stop.The startup of Premier Oil Plc’s Catcher field caps the biggest year for new offshore oil and gas projects in the country for about a decade. While the U.K. industry has shown surprising resilience to the three-year crude price slump, that success was marred earlier this month when a fault in a crucial pipeline underscored its reliance on aging infrastructure.New oil from Catcher, half of which is owned by Premier, offset only a fraction of the 400,000 barrels a day of output halted earlier this month after Ineos AG discovered a hairline crack on the Forties pipeline. Partial flows through the conduit restarted after the completion of repairs and will increase gradually, Ineos said on Tuesday.

Source: Premier Oil Field Startup Gives Relief After North Sea Pipe Halt – Bloomberg

Markets Quiet in Run Up to New Year

EUR/USD – Euro Edges Up, U.S. Consumer Confidence Next

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.