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OIL: Forties Oil Pipeline May Shut Earlier than Planned

OIL
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Ineos may shut the Forties Pipeline System between 2030-2035, instead of a previous plan to close the conduit in 2040, according to Bloomberg, citing Forties Network CEO.

  • Early decommissioning would be a result of shrinking volumes due to the Labour government’s stricter taxation policies on the North Sea.
  • “The UK has invested billions in the infrastructure that makes up the North Sea, which continues to serve the UK economy, society and the Exchequer extremely well. It is unfathomable that Labour’s policies will burn these in a flash,” Ineos said in a comment to Bloomberg.
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Ineos may shut the Forties Pipeline System between 2030-2035, instead of a previous plan to close the conduit in 2040, according to Bloomberg, citing Forties Network CEO.

  • Early decommissioning would be a result of shrinking volumes due to the Labour government’s stricter taxation policies on the North Sea.
  • “The UK has invested billions in the infrastructure that makes up the North Sea, which continues to serve the UK economy, society and the Exchequer extremely well. It is unfathomable that Labour’s policies will burn these in a flash,” Ineos said in a comment to Bloomberg.