Reports state that one of the UK’s biggest oil pipelines, the Forties, will be closed in light of a crack that was discovered in Aberdeenshire.
The Forties pipeline is the country’s carrier for crude oil from the North Sea. The pipeline extends across the land and transports that oil to Grangemouth where it undergoes further processing.
The crack in question could prove very costly to the country since the Forties pipeline carries almost 40% of North Sea crude oil. The issue was discovered last week at Red Moss, near Netherley.
Speaking of the issue, the pipeline’s owner, Ineos stated that despite taking precautions and reducing pressure, the crack had extended.
Ineos has admitted that the crack will have major consequences on the industry. However, the company was firm on its stance that it would not affect the consumers.
In a statement, the company said, “Last week during a routine inspection Ineos contractors discovered a small hairline crack in the pipe at Red Moss near Netherley”.
The company went on to add, “A repair and spillage response team was mobilized on Wednesday, after a small amount of oil seepage was reported”.
Taking into account the safety of the situation, the company moves to suspend production on more than 80 platforms.
Consequently, the price of Brent crude rose by almost 2% and is currently valued at $64.69 at a barrel. The price has been further driven up by the fact that the pipeline could be shut down for three weeks.
Ineos defended its move and stated that the shutdown would “allow for a suitable repair method to be worked up based on the latest inspection data, while reducing the risk of injury to staff and the environment”.