Ineos is shutting down its huge Forties pipeline to fix a crack

One of the oldest and largest pipeline systems in the North Sea will be shut down due to a cracked pipe.

The Forties pipeline system (FPS) carries about 40 per cent of North Sea oil and gas.

Ineos, which completed its $250m (£187m) acquisition of the FPS from BP at the end of October, said contractors discovered a small hairline crack in the pipe near Netherely, south of Aberdeen, last week.

Despite work to reduce the pressure in the pipe, Ineos said the crack widened and shutting the pipe was the “safest way to proceed”.

“This will allow for a suitable repair method to be worked up based on the latest inspection data, while reducing the risk of injury to staff and the environment,” Ineos said.

Ineos said a very small amount of oil seepage was reported last week. Measures to contain the seepage were put in place, and no oil has been detected entering the environment.

“As always, safety remains our top priority and local residents, FPS users and other stakeholders are all being kept fully informed of the situation as it develops.”

The news boosted oil prices, with Brent crude futures rising more than $1 to $64.41 a barrel.

The Forties pipeline system, which is one of the oldest and largest in the North Sea, is about 100 miles long and transports around 450,000 barrels of oil a day, which is about 40 per cent of UK production.

The pipeline was built and operated by BP from 1975 to transport oil from the Forties field, the UK’s first major offshore oil field. It now carries oil from 85 fields in the North Sea to be processed at the Grangemouth refinery, which Ineos also owns.

Ineos has been on an acquisition spree lately, snapping up Europe’s oldest football club, Lausanne Sport, fashion brand Belstaff Group and a majority share in two exploration licenses in a North Sea gas field with estimated reserves of as much as 5 trillion cubic feet.

Read more: Jim Ratcliffe’s Ineos has just made another huge acquisition