Brent pipeline, which transports 10 per cent of the UK's oil production, has been shut down temporarily after a leak was discovered on a North Sea platform.
The Cormorant Alpha rig off Shetland, which handles around 90,000 barrels per day of crude oil, was closed following the discovery.
The platform's operator Abu Dhabi National Energy Company PJSC(TAQA) said there were 159 workers on board who were airlifted off the rig.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"All those on board have been accounted for and they are all safe and well," TAQA said in a statement.
"We have stopped all non-essential work on the platform to focus all our efforts on addressing this issue."
There were eight other platforms in the area closed down following the incident.
Industry body Oil & Gas UK said it was helping TAQA as it works on repairing the network.
"We estimate that oil usually produced from the fields that are currently shut down across the Brent Pipeline System accounts for about 10% of UK oil production," said Mike Tholen, Oil & Gas UK's economics director.
"We have offered support to TAQA Bratani during the incident and await more information on how long the shutdown is likely to last."
RD
-
Digital Services Tax: will Reeves let big tech off lightly to avoid tariffs?Rumours are circulating that the Digital Services Tax on big tech companies could be cut as Rachel Reeves seeks to appeal to president Trump
-
Rachel Reeves set to increase penalties for filing tax returns lateThe Chancellor will announce hikes to penalties for late tax returns in her Spring Statement as she scrambles to raise an extra £1 billion a year. Here’s what you need to know
