Falklands : Hydrocarbons Daily Record (08/06/06)
Submitted by Falkland Islands News Network (Juanita Brock) 08.06.2006 (Article Archived on 22.06.2006)
Just the job! Only, the rig is an eight day sail from the Falklands.
Photo (c) James Glass (Tristan Times) There's no mistaking this object and the use it could be for the North Falkland Basin.
HYDROCARBONS DAILY RECORD: THURSDAY, 08 JUNE 2006
Salvage Rights?
By J. Brock (FINN)
At 1800 LMT on Thursday, 08 June 2006 Light Sweet Crude fell .47 Cents per barrel on the New York Mercantile Exchange and settled at $70.35 and Brent Crude was down .14 Cents to $69.06 per barrel on London’s ICE Futures Exchange.
TRENDS:
The single main factor for crude oil prices dropping today is the news of the death of Abu Zachab Al-Zarquawi in Iraq. Though analysts say this is only a knee-jerk reaction there was also optimism about the increasing supply of gasoline in the United States as well as Iran being positive about bilateral talks with the US, and EU about its processing of nuclear fuel for energy generation. The Freeing of five Korean oil workers from Nigerian rebel custody has also helped to lower crude prices today.
THE MARKETS:
FTSE 100:
Another big sell-off of shares worldwide had the London stock market testing the 5500 level at the close of trade, as a further £35bn was wiped off the value of leading shares.
The FTSE 100 index fell sharply ending at 143.4 at 5562.9. The Footsie peaked last month at a five-year high of 6132.
Second-liners suffered the worst falls in an illiquid market. The FTSE 250 index tumbled 272.3 to 8836.6, having started 2006 at 9794.
DOW JONES AND NASDAQ:
The affect of the world markets selling off profits added to inflation worries as well as the threat of raising the interest rate all added to an active day on the NYSE. Indications are that interest rates will rise at the end of the month.
DOW JONES AND NASDAQ:
The Dow Jones Index closed up 0.06% at 10,936.98 and the NASDAQ closed at 2145.32.
DEVELOPING FACTORS:
(Iraq)
The death of Iraq’s Alqueda head and his spiritual advisor had a positive affect on crude oil prices. Iraq also is planning to increase its oil production from approximately 1 million barrels a day to 2 Million. Iraq produced more than 2 Million barrels a day before the war.
(Iran)
There has been a positive reaction to the proposals and sanctions document that was delivered by EU Foreign Policy Chief, Javier Solana on Tuesday. Iranian officials have said that they wanted talks but did not want to stop nuclear fuel enrichment and that while the work on the project has slowed down the experiments were still going on.
(Falkland Islands)
The semi-submersible rig that ran aground on Tristan Da Cunha just might fit the bill for Desire Petroleum’s tranches in the North Falkland Basin.
Falklands Oil Stocks End of Day Price for the 8.06.06
Desire Petroleum down 0.75p or 2% on the day to stand at 36.5.p
Falklands Oil and Gas down 4.5p or 3.4% on the day to stand at £1.26.p
Rockhopper Exploration down 3p or 10.2% to end the day at 29.5p
Border and Southern unchanged on the day to stand at 44p
NEGOTIATIONS UNDERWAY TO FREE STRANDED OIL RIG
By Sarah Glass (Tristan Times)
A message was received at Tristan on the 22nd May from master of TG Mighty Deliverer said that due to bad weather TG Mighty Deliverer was forced to release platform PXXI at 35'48S 013'35W to avoid risk to platform and his ocean-going Tug Boat.. The platform was released at sea unmanned with no onboard fuel, thus contamination free.
Eyeball contact with semi submersible PXXI was maintained until 10 May 2006. However, after further bad weather the platform started to draw away from TG Mighty Deliverer. From the 16th May the Tug had been searching for the rig and, the skipper reported it lost on the 22nd May.
Another company S/T Ruby Deliverer assist in searching but had found nothing. The size of the Platform is as follows, Total length 104.9m, Breadth 103.63m, Draft 13m.
The Platform was found at Tristan on the 7th June on the SE side of Tristan at Tripot Gulch. The rescue rib was coxswained by Neil Swain and Conrad Glass, and crewed by Mark Swain, Duncan Lavarello and Jack Green accompanied by Head of Natural Resources James Glass and Conservation Officer Simon Glass. Tristan Officials visited the rig on the morning of Thursday, 08 June 2006. She is grounded approximately 300m from the shore. There does not appeared to be any oil leaking, only a small diesel slick, which is nothing to be concern about at the moment, its also good that the penguins have left the island as it is grounded directly of the Tripot Rock Hopper penguin rookery. Talks are underway with its owners.
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