CPC Blend oil loadings halted for planned maintenance, resuming April 11: operator

Loadings of the mainly Kazakh CPC Blend crude grade have been halted at the Novorossiisk marine terminal off Russia's Black Sea coast to facilitate planned pipeline maintenance, with resumption expected April 11, the Caspian Pipeline Consortium said in a statement April 9.

"Such 72-hour stoppages of pumping via the crude pipeline happen no less than twice a year and their timeline is agreed in a timely manner with all shippers, and the energy ministry of Kazakhstan," the Moscow-based consortium said.

"Planned stoppages are needed for conducting those types of technical servicing, repair and installation of equipment that can't be carried out during operation of the infrastructure."

"Currently loadings of crude at the CPC marine terminal are also halted. Their resumption is planned from April 11, of which there will be further notice," the consortium said.

CPC Blend loadings have come under heightened scrutiny since Russia's full-scale invasion of Ukraine in 2022, as G7 powers have attempted to limit Russia's earnings from its own oil and gas industry.

The CPC Blend is predominantly derived from fields in Kazakhstan, with Russian content typically around 10% of the total, despite loading offshore Novorossiisk from single-point mooring systems.

Kazakhstan is not party to the war in Ukraine, and has managed to maintain crude exports despite fears its shipments could be caught up in the standoff between Russia and its international opponents.

Contrasting with Russia, Kazakhstan is directly dependent on major international upstream companies for its oil and gas production from highly complex oil and gas projects such as Tengiz, Kashagan and Karachaganak.

CPC Blend was assessed by Platts at a $2.24/b discount to Dated Brent on April 8, on a CIF Augusta basis. Platts is part of S&P Global Commodity Insights.