BP Halts Production at Ula Field Following Leak

Reuters reported that BP plc (LSE:BP) closed its Norwegian Ula field following a potentially dangerous leak last week. BP will not resume production until it knows what caused the problem.

As quoted in the market news:

“A substantial escape of hydrocarbons occurred on the Ula field in the Norwegian North Sea on 12 September,” the PSA [Norway’s Petroleum Safety Authority] said.

“No people were injured and no damage caused to the installation beyond the equipment directly involved. But the PSA considers the incident to have had a substantial potential.”

Click here to read the full Reuters report.