Falklands : Hydrocarbons Daily Record Monday, 04 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 05.02.2008 (Article Archived on 19.02.2008)
Increased demand caused crude prices to rise today.
HYDROCARBONS DAILY RECORD MONDAY, 04 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 04 February 2008 Light Sweet Crude was trading at $90.02 up $1.06 on the New York Mercantile Exchange. Brent Crude was trading at $91.03 up 1.59 on London’s ICE Futures Market.
Increased demand has caused crude prices to rise today. It is demand that will lower once people catch on to alternative fuels for energy generation. Demand is the key to keeping crude prices low. If people are investing in alternatives they won’t be spending on hydrocarbons products.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 04 February 2008.
TLW: 609.00 up 2.00, DES: 29.75 unchanged, FOGL: 126.00 up 3.50, RKH: 50.50 up 0.75, BOR: 42.00 unchanged, PRE: 14.00 unchanged, GBP: 7.36 unchanged, GPK: 427.50 unchanged, BLT 1649.00 up 27.00, RDSA: 1806.00 unchanged, RDSB: 1765.00 up 7.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.44 down 0.51 (Trading in USD)
THE MARKETS (04/02/08)
FTSE100: 6,026.20 down 2.98, FTSE250: 10,262.10 up 75.53 SmallCap: 3,192.00 up 24.71.
DJI: 12,635.16 down 108.03, NASDAQ: 2,382.85 down 30.51, S&P500: 1,380.82 down14.60
Global oil production will struggle to cope with rising demand over the next decade, according to experts gathered today at international think tank Chatham House, for a conference focusing on Middle East energy supplies.
(France and Venezuela)
French oil firm Total said it has signed agreements with Venezuela's state-owned oil firm PDVSA to study extra-heavy crude oil reserves in Venezuela's Junin 10 exploration block.
LUKoil Overseas (the operator of LUKoil's foreign projects) decreased production of oil and gas condensate by 2.5 percent to 5.17m onnes in 2007 compared to a year earlier, the company's press office reported today. Meanwhile, natural gas output surged 44.6 percent and exceeded2.53bn cubic meters, or 15.4 percent of LUKoil Group's overal gas production. As a result, LUKoil Overseas' hydrocarbons output went up 10.8 percent in 2007. EBITDA topped $1bn.
(Mid Atlantic Ridge)
Scientists who have confirmed that abiotic hydrocarbons are being released from the Lost City hydrothermal field in the Mid-Atlantic range at the bottom of the ocean say they are returning to that location this summer to try to confirm the presence of more complex hydrocarbon chains, a result that would further undermine the assumption that oils are the result of decomposed and compressed organisms.
BNamericas reported that Pemex's exploration and production subsidiary, PEP, launched an international tender for a 3-D seismic survey on Tabasco state's coast, according to federal procurement website Compranet.
Argentina’s then-president, Nestor Kirchner, even said in November that Argentina could learn from Brazil. The discovery of oil, he said, “showed the results of a serious investment policy.
SA to create an energy group able to compete with their biggest European rivals, El Mundo reported, without citing anyone. Repsol YPF SA and Gas Natural SA of Spain are considering a takeover of Union Fenosa
Petrobras has revealed that it has made a significant gas and condensate field discovery in the pre-salt layer in block BM-S-24 of the ultra-deepwater Santos Basin.
Colombian state hydrocarbons regulator ANH this year will launch three new rounds that will include a total of 151 blocks, ANH director Armando Zamora told journalists on the sidelines of an investment conference in Cartagena, Colombia.
Pacific Rubiales Energy Corp. (TSV: PEG)announced today that test results of the DST-1 indicate a production potentialof 27.7 million cubic feet per day using half inch choke.
Ecuador and Venezuela plan to jointly finance and build a 300,000 b/d refinery in Ecuador's coastal province of Manabi, according to Ecuador's Mines and Oil Ministry.
Following the receipt of Venezuelan Ministry of Energy and Petroleum approval, Lundin Petroleum AB's sale of its wholly owned subsidiary, Lundin Latina de Petróleos S.A. to PetroFalcon Corp and the acquisition of shares and warrants in PetroFalcon through a private placement has been completed. As result of these transactions, Lundin Petroleum has become the largest shareholder in PetroFalcon, with a shareholding of approximately 64 million shares of PetroFalcon, representing 42 percent of the issued and outstanding common shares of PetroFalcon.
Exploration shares continue to do well regardless of declining markets. The feel good factor is due to exploration drilling a great possibility this year. This month there should have been a visit of officials from Falklands Oil and Gas and BHP Billiton, however, this has now been put back for logistical reasons and there is no definite date for the visit..