Partial reprieve for BP oilfield

BP says part of its Prudhoe bay oilfield in Alaska will stay open, after considering a total shut-down.
The oilfield's western side will keep running, as the firm embarks on repairing pipes and "enhanced surveillance" the firm said.
The move will allow BP to supply up to half of its output from the oilfield, which represents 8% of US output.
The site's eastern half had been shut earlier after pipes were found to be corroded following a small spillage.
Pipe inspection
"With greatly enhanced surveillance and response capability, I am confident we can continue to safely operate the line," said Bob Malone, BP America chairman.
Last Thursday, regulators said BP could keep running the western line while ordering the firm to inspect pipelines more strictly.
Right now, I haven't seen any data that suggests we would need to order a shutdown, [of the western line]
Tom Barrett, pipeline administrator, US Department of Transportation
But earlier the firm had said the entire oilfield could be shut down.
The firm's latest announcement comes after it re-examined a five mile stretch of a 22-mile pipeline.
BP is also obliged to fulfil certain tests before the closed pipelines can be opened again.
"Right now, I haven't seen any data that suggests we would need to order a shutdown, [of the western line]" said Tom Barrett, pipeline administrator for the US Department of Transportation.
The oil giant is also examining ways to enable the eastern side to operate partially, with federal regulators permission.
BP has said it will replace 16 miles of pipeline at the site after corrosion was discovered on an oil transit line.
Rising prices
Repairing and substituting corroded pipes could cost around $170m (£89m), said Neil Chapman, a BP spokesperson.
It is unclear how this cost would be shared between BP, which owns a quarter of Prudhoe's output, with ConocoPhillips and ExxonMobil, which own the rest.
Prudhoe Bay, which produces around 400,000 barrels per day (bpd), is the largest US oilfield.
The threat to this supply comes as conflict in the Middle East and worries over supplies from Nigeria have prompted oil prices to hit record highs recently.
On Friday Brent crude closed at $75.83, but this was some $3 below the record high induced by the Prudhoe Bay leak. US light, sweet crude reached $74.45.