Brent pipeline closed after North Sea oil leak
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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”