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Dow Jones Newswires: BP Quick Restart Not In The Pipeline – UBS

Monday, August 07, 2006

0859 GMT [Dow Jones] The prospect of a quick restart looks slim says UBS following BP’s (BP.LN) announcement that it was shutting down its Alaskan Prudhoe Bay oil field. UBS bases its view on the fact that production shut in from a spill in 1Q has yet to be restarted. Notes BP is already in the middle of a seasonal tightening trend and calculates Alaska’s oil outage equals 4% of 10.5M b/d (barrels a day) of crude import.

UBS warns if the shut in continues to the end of the year the impact on BP for this year would be 40K boe/d (barrels of oil equivalent per day) and BP could well miss its production target of 4.1-4.2M boe/d. BP -2% at 623.75p. Peer Royal Dutch Shell (RDSA.LN) -0.5% at 1,926p. (KHO)
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