Falklands : Hydrocarbons Daily Record (11/12/06)
Submitted by Falkland Islands News Network (Juanita Brock) 12.12.2006 (Article Archived on 26.12.2006)
Investors are waiting to hear about the FED and interest rates. There are also some doubts about whether OPEC will decide to cut production at their next meeting on 14 December.
HYDROCARBONS DAILY RECORD: MONDAY, 11 DECEMBER 2006
By J. Brock (FINN)
At 1800 LMT Monday, 11 December 2006 Light Sweet Crude fell .81 Cents on the New York Mercantile Exchange to stand at $61.22 and Brent Crude lost .36 Cents to stand at $61.84 on London’s ICE Futures Exchange.
TRENDS
Investors are waiting to hear about the FED and interest rates. There are also some doubts about whether OPEC will decide to cut production at their next meeting on 14 December.
THE MARKETS
FTSE
At the close of play on Monday, the FTSE 100 was up 7.36 points to settle 6,159.80 and the FTSE 250 gained 44.57 points to end at 10,988.60. FTSE Small Cap gained 13.00 points to settle at 3,783.90.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 20.99 points or 0.17% to settle at 12,328.48 and the NASDAQ gained 5.50 points or 0.23% to settle at 2,442.86. The S&P500 was up 3.20 or 0.23% to settle at 1,413.04 and the NYSE gained 22.50 points or 0.25% to settle at 9,064.69.
DEVELOPING FACTORS:
(Russia)
Several media outlets report that Royal Dutch Shell PLC has been forced to give up its control over the giant $20 Billion Sakhalin-2 gas project as the Russian government does what Bolivia did and winnowed foreign domination over the country's vast energy resources. Shell owns 55 pct of Sakhalin-2, while Japan's Mitsui & Co Ltd and Mitsubishi Corp hold 25 % and 20 %, respectively.
Gazprom chairman Alexei Miller and Shell chief executive officer Jeroen van der Veer met in Moscow last Friday over Sakhalin-2, hinting that Shell is finally handing over control of the project to Gazprom. According to the press reports, Shell has agreed to retain at least a quarter of the project, though it is uncertain how its Japanese partners will be affected by the deal.
If this proved to be true, Gazprom will end up with 30 pct of Sakhalin-2, making it the project's chief operator. 'At the meeting, Mr Van der Veer (presented) Gazprom (with) a number of proposals concerning the Sakhalin-2 project,' A Gazprom spokeswoman said.
DEVELOPING REGIONAL FACTORS
(Tristan Da Cunha)
News just in is that the rig that has been stranded on the Island will be scuttled.
(Falkland Islands)
In both the North and south Falkland Basins further seismic as well as an electromagnetic Survey will point more precisely to where reserves of hydrocarbons can be tapped. Prospects look better now for finding a rig to do exploratory drilling.
Share prices at the close of play on Monday, 11 December 2006
Desire Petroleum Plc ended up 0.25 point or 0.69% on the day to settle at 36.50.
Falkland Oil and Gas Limited (FOGL) unchanged on the day to stand at 82.00.
Rockhopper Exploration ended unchanged on the day to settle at 40.50.
Borders &Southern ended down -0.25 or -0.63% on the day to stand at 39.75
Tullow Oil ended up 4.00 or 0.99% to stand at 409.00
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