SUBSCRIBER NOTE: Platts to rename Flotta crude assessment Jan 2

Effective January 2, 2015, Platts confirms it will change the name of its North Sea Flotta crude oil assessment to "Flotta Gold" in line with the change in name by the terminal operator, Talisman Sinopec Energy UK Ltd (TSEUK). Platts proposed this change in a note November 28. The Flotta Gold appellation is scheduled for the January-loading program, a spokesman for the terminal operator has confirmed to Platts.

Production from the North Sea Golden Eagle area, which began in early November 2014, will be processed through the Flotta Terminal and blended with the existing Flotta system crudes to produce a new grade that will be marketed as Flotta Gold.

At startup, the Flotta Gold blend will be about 70% Flotta and 30% Golden Eagle, but by mid-2015 when the project is expected to reach full production those percentages are expected to reverse.

Platts will reflect the actual quality of the new blend in its assessments, moving from the current API gravity of about 36.9 degrees and sulfur content of around 0.83% to an expected API of 36 degrees and 0.64% sulfur as Golden Eagle fully co-mingles with the existing Flotta.

Due to the co-mingling of new Golden Eagle crude oil production in increasing quantities with existing Flotta production over the coming month production is expected to increase from around 20,000 b/d to 100,000 b/d.

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