Falklands : Hydrocarbons Daily Record Tuesday, 30 September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 01.10.2008 (Article Archived on 15.10.2008)
Speculative euphoria about the bail-out plan being re-constituted and thrown at the House again has helped crude prices to increase today.
HYDROCARBONS DAILY RECORD TUESDAY, 30 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 30 September 2008 Light Sweet Crude was trading at $100.64 up $4.27 on the New York Mercantile Exchange. Brent Crude was trading at $97.61 up $3.63 on London’s ICE Futures Market.
Speculative euphoria about the bail-out plan being re-constituted and thrown at the House again has helped crude prices to increase today. Crude prices and those of resulting products have stayed at a level far beyond the reach of a growing majority of people world wide whose incomes have dwindled or are recently non existent. Demand is going down and now is not the time to increase prices.
One could only imagine what crude would cost if the $700Billion bailout was approved. It seems that people wanting prices to rise again have no concept of what it is like for those who have been financially strapped by high prices.
However, people who can afford it have invested in alternative energy. Governments have installed wind and wave power infrastructure for energy generation as well as solar units for their buildings. It’s catching on amongst people who are angry enough to say “no-thanks” at the pump.
Oil prices swung back above $US100 a barrel Tuesday following a plunge a day earlier, with a growing consensus among investors that Congress will resurrect a failed US financial bailout plan.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 30 September 2008
TLW: 713.00 up 6.00, DES: 60.00 up 8.75, FOGL: 87.50 down 0.50 RKH: 46.50 down 3.00 BOR: 32.00 up 3.00, BPC: 4.38 unchanged PRE: 10.75 down 0.25 GBP: 5.88 down 0.25, GPK: 370.00 down 2.50, BLT 1259.00 up 27.00, RDSA: 1618.00 down 12.00, RDSB: 1578.00 up 4.00
New York Stock Exchange:
XOM: 77.66 up 3.60 (Trading in USD)
THE MARKETS (30/09/08)
FTSE100: 4,902.45 up 83.68 FTSE250: 7,888.21 up 95.28 SmallCap: 2,427.04 down 25.85
DJI: 10,850.66 up 485.21 NASDAQ: 2,082.33 up 98.60, S&P500: 1,164.74 up 58.35
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 19/09/08.
(North Sea Oil)
Production has begun from the Curlew C development in the North Sea, according to Shell UK. The Curlew C development marks the first time that Shell has produced hydrocarbons from a chalk formation in the North Sea.
Gouda - Imtech (technical services provider in Europe) has been selected by international oil and gas company Repsol-YPF as technology partner for an important part of the technology in a new high-tech cooking plant at the Repsol refinery in Cartagena, Spain.
The Report has been developed according to the G3 Guidelines of the Global Reporting Initiative and the guidelines established by the International Petroleum Industry Environmental Conservation Association (IPIECA).
- Oil and gas companies Anadarko Petroleum Corp. and Devon Energy Corp. announced Tuesday an oil discovery off Brazil in the Campos Basin.
-- Interoil Exploration & Production ASA, a Norwegian oil and natural-gas explorer, said all three wells drilled at Colombia's Mana Field encountered hydrocarbons.
The blocks to be explored by Peru's state oil company Petroperú, in partnership with Brazil's Petrobras and Colombia's Ecopetrol, would be defined in two weeks, Petroperú president Cesar Gutierrez said today.
The catalytic cracker unit of the Cardon Venezuelan refinery, which processes 300,000 bpd, is out of service for maintenance and expansion, said on Tuesday a source of the plant.
Central America, Cuba, the Dominican Republic and islands in the eastern Caribbean are receiving more and more oil from Venezuela, while major refineries are planned in South America -- at Pernambuco in northeastern Brazil, and at El Aromo, on Ecuador's Pacific coast.
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, has noted the announcement by RAB Capital plc ("RAB") regarding its RAB Special Situations Fund Limited which holds a significant interest in FOGL.
London-based RAB Capital overnight Monday won a vote required to freeze redemptions on its flagship hedge fund, which had contracted in value from $2bn in December 2007 to $790m on September 25 this year.
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