Falklands : Hydrocarbons Daily Record (13/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 13.02.2007 (Article Archived on 27.02.2007)
Crude prices gained today due to forecasts of a tight market and high demand. Cold weather in the US also helped crude prices to increase today.
HYDROCARBONS DAILY RECORD: TUESDAY, 13 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Tuesday, 13 February 2007 Light Sweet Crude gained $1.25 Cents to settle at $59.06 on the New York Mercantile Exchange and Brent Crude gained 43 Cents to settle at $57.03 on London’s ICE Futures Market.
TRENDS:
Crude prices gained today due to forecasts of a tighter crude market as well as reports of higher demand from China. Weather is also added to the factor with new winter storms hitting the mid section of the US.
THE MARKETS:
FTSE 100 closed at 6,381.80 up +28.34
FTSE 250 closed at 11,476.70 down +20.03
FTSE Small Cap closed at 4,037.40 down -2.06
DJI closed at 12,654.85 up +102.30
NASDAQ closed at 2,459.88 up +9.50
S&P500 closed at 1,444.26 up +10.89
INTERNATIONAL DEVELOPMENTS:
(Saudi Arabia)
An announcement from J/V Lukoil Saudi Arabia Energy Ltd. (LUKSAR) claims it has found a “raw” hydrocarbons field in Saudi Arabia. The announcement further states that the company has signed a 40-year agreement for the development of the field.
(Cyprus)
It has been announced that hydrocarbons exploration in Cyprus’ waters could take years before yielding definitive proof of the existence of hydrocarbons underneath the Mediterranean seabed. Cyprus plans to open tenders for offshore licensing agreements on February 15. Greek Cypriots plan to open tenders for offshore licensing accords for 11 blocks on February 15. Studies have suggested the seas around Cyprus could contain unproven reserves of between six and eight billion barrels of crude with an estimated value of up to $400 billion. The announcement goes on to say that preliminary data gives "encouraging signs" of hydrocarbons but that deep-sea drilling will be needed to explore at depths of up to 3 kilometres.
REGIONAL DEVELOPMENTS:
(Chile)
(From a Press Release)
It has been announced that Canadian oil company March Resources has submitted an environmental impact assessment to Chile's environmental authority Conama for a US$20mn oil and gas exploration program in Region II. The announcement says the company will drill two exploratory wells on its Pica Norte block in the Tamarugal basin and possibly a third well depending on results, in accordance with Conama's environmental impact evaluation system. The wells will be drilled to a depth of approximately 4,200m and each will require four months work. Tamarugal is similar to Argentina's hydrocarbons-rich Neuquén basin. The two objective sandstone horizons of the Pica Norte block are at depths of some 4,300ft (1,300m) and 7,000ft,
(Suriname)
It has been announced on Tuesday that Suriname's state oil company, Staatsolie, and Britain's Tullow Oil PLC have signed a joint venture agreement to explore two onshore blocks west of the country's capital. Mark Waaldijk, Staatsolie's managing director, and John McKenna, Tullow's exploration manager for the Americas and Asia, signed the US$8.5 million agreement to explore the Uitkijk and Coronie blocks located on the country's Atlantic coastline. Staatsolie subsidiary Paradise Oil will conduct the exploration and development. It is estimated the exploration stage could take three to four years. Exploitation could take longer. The Uitkijk block is 750 square kilometres (290 square miles) and Coronie is 2,500 square kilometres (965 square miles).
(Falkland Islands)
Relevant Share Prices for Tuesday, 13 February 2007:
Tullow Oil down -3.75 to stand at 405.23
Desire Petroleum unchanged at 31.00
FOGL down -2.50 to stand at 86.00
Rockhopper Exploration unchanged to stand at 45.00
Borders & Southern up +0.50 to stand at 33.00
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