Falklands : Hydrocarbons Daily Record (15/06/06)
Submitted by Falkland Islands News Network (Juanita Brock) 16.06.2006 (Article Archived on 30.06.2006)
At the moment, Falklands hydrocarbons exploration is on hold and it is hoped that the piped in music won't drive us crazy.
HYDROCARBONS DAILY RECORD: THURSDAY, 15 JUNE 2006
By J. Brock (FINN)
At 1800 LMT on Thursday, 15 June 2006 Light Sweet Crude rose .36 cents and settled at $69.50 on the New York Mercantile Exchange and Brent Crude gained .45 cents to $67.43 per barrel on London’s ICE Futures Exchange.
Today it looks as if oil prices are fluctuating upwards again. $70.00 per barrel seems to be the target and once prices reach that mark there is an effort to keep it there. Sometimes this is successful but there have been recent times when prices have risen considerably. It is thought that the good supply of gasoline, hopes of Iranian bilateral talks about enriching nuclear fuel and the narrow miss with tropical storm Alberto may have kept the damper on prices today.
Better indicators form markets in Asia helped increase the FTSE 100 by 2.33% to settle at 5.635.2.
DOW JONES AND NASDAQ:
After a month of selling and profit taking the Dow Jones and NASDAQ rebounded sharply today despite talk of higher interest rates and economic slow-downs. There was a mild report about inflation as well. However, just like politics, this sharp rise may not last long. We will have to wait to see if the Federal Reserve Bank actually rises interest rates. The second quarter inflation reports are also due at the end of the month.
The Dow Jones index closed up by 1.83% and settled at 11,015.19 and the NASDAQ rose 2.79% and settled at 2,145.15.
India's largest construction and engineering firm, Larsen & Toubro Ltd, has gone into the oil business and is looking for joint-venture partners in Gulf States as it is known that investment in the region could be a trigger for major growth. Larsen has joint ventures in Oman and Saudi Arabia, and operates projects in Qatar and the United Arab Emirates. Analysts say that revenues from the Gulf could double to more than $1 billion by 2009 or 2010. It is known that India needs joint ventures in each of these countries. The firm has set up a joint venture with Kuwait's Bader Al Mulla Group for oil, gas as well as power and other infrastructure projects in Kuwait.
Miller Petroleum Inc. has announced the successful drilling of the third commercial gas well in the Koppers South drilling program through its joint venture Wind Mill Oil & Gas, LLC., to continue development of the 22,000-acre lease in Campbell County, Tennessee.
Having to wait for an exploration rig to see exactly where our reserves are has, in recent weeks, taken its toll on the exploration stocks at the Alternative Investment Market. Rumours of an immediate acquisition of a rig have not panned out – either that or cards are kept extremely tight to the chest. A bit of both can be imagined in a very tight rig market. At the moment, we are on hold and it is hoped that the piped in music won’t drive us crazy.
Falklands Oil Stocks End of Day Price for the 15.06.06
Desire Petroleum up 2.00 or 6.25%% on the day to stand at 34p
Falklands Oil and Gas down 0.5p or 0.5%on the day to stand at £1.0950.00p
Rockhopper Exploration unchanged on the day to stand at 22.5p
Border and Southern unchanged on the day to stand at 44p