Falklands : Hydrocarbons Daily Record (26/07/06)
Submitted by Falkland Islands News Network (Juanita Brock) 26.07.2006 (Article Archived on 09.08.2006)
Yesterday's announcement that FOGL intended to do an electromagnetic survey did not change their share prices today but Desire and Rockhopper prices did rise significantly.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 26 JULY 2006
By J. Brock (FINN)
At 1800 LMT on Wednesday, 26 July 2006 Light Sweet Crude gained .19c Cents and settled at $73.94 on the New York Mercantile Exchange and Brent Crude gained $1.00 Cents to $74.28 per barrel on London’s ICE Futures Exchange.
TRENDS:
Though the highest-level diplomats are meeting in Rome, there is no immediate cease-fire in the mid east. Despite this there was only a slight rise in crude prices today. What did raise prices was the heavy demand on hydrocarbons products in the United States and elsewhere. There is big alternative fuel news for Africa that may affect crude prices in the long-run.
THE MARKETS
FTSE:
At the close of play, the FTSE100 was 25.94 points higher at 5,877.10 with the FTSE250 up 37.11 points at 9,285.60 and the FTSE Small caps 0.67 points better at 3,364.30
DOW JONES AND NASDAQ:
The Dow Jones Index lost 1.20 points or 0.1% and settled at 11,102.51 and the NASDAQ fell 3.44 points or 0.48% and settled at 2,070.46.
DEVELOPING FACTORS:
(South Africa)
South African scientists are working hard to realise the dream of the hydrogen economy. Approximately 9 million tonnes of hydrogen was produced annually, growing at 10 percent per year. Uses for hydrogen are in the chemical and refining sectors and was developing hydrogen for underground mining motive power, back-up power supplies and energy storage. Medium to long-term applications include using hydrogen to power fuel cell cars.
LATIN AMERICA:
(Colombia)
The Colombian government said on Tuesday it will privatise up to 20 percent of state oil company Ecopetrol in a bid to draw investment needed to modernise the country's ailing petroleum sector. This is Ecopetrol's first opening to private investors, and comes as other Latin American countries like Venezuela, Bolivia and Ecuador are nationalising their natural resources.
(Ecuador)
Ecuador’s Congress is to hear arguments and debate concerning the Rodas Hydrocarbons Law. This law makes provision for 50% of oil profits to go into the Government’s coffers for upgrading their hydrocarbons infrastructure.
(Bolivia)
The president of Brazilian state-run oil giant, Petrobras, said on Tuesday that he was "extremely surprised" to hear that Bolivia's government would investigate Petrobras and Argentine-Spanish company Repsol-YPF (REP) over tampering with natural gas meters at local fields. Jose Sergio Gabrielli, Petrobras' president, told the local Estado news agency that Petrobras "does not accept the accusation." Gabrielli said that the gas meters used by Petrobras are some of the most modern available and are closely monitored by Bolivia's state-owned oil and gas company, Yacimientos Petroliferos Fiscales Bolivianos, or YPFB.
(Venesuela)
Experts from Argentina, Brazil, Bolivia and Venezuela continued technical discussions related to the future construction of a gas pipeline, called Southern Gas Pipeline. An official note published in Buenos Aires, specialists are analysing tax and environmental aspects of the project. Works should start in 2007 and end up in 2017, bringing the pipeline out from Venezuela to supply those countries, and also Paraguay and Uruguay. Containing 10,000 km (6213 miles) of pipe, the cost is calculated in 20 billion dollars. The works schedule was finalised in June in Caracas, by the Venezuelan and Brazilian Energy Ministers, Rafael Ramirez and Silas Rondeau respectively, Argentine Planning Minister Julio de Vido and Bolivian Hydrocarbons Minister Andres Solis Rada.
(Falkland Islands)
As reported in yesterday’s Hydrocarbons Daily Record, Falkland Oil and Gas Limited (“FOGL”) has signed a Letter of intent with Offshore Hydrocarbon Mapping plc (“OHM”) to undertake a Controlled Source Electro-Magnetic survey (“CSEM”) over the company’s licences in the South and East Falkland Basins. The use of CSEM technology in this environment is particularly appropriate and exciting. CSEM is a method, which investigates the electromagnetic properties of rocks and has a recognisable response when oil and gas is present.
Falklands Oil Stocks End of Day Price for the 26.7.06
Desire Petroleum up 2 points or 5.06% on the day to stand at 41.50p
Falklands Oil and Gas was unchanged on the day to stand at .102.00p
Rockhopper Exploration up 3.50 points or 9.46% on the day to stand at 40.50p
Border and Southern was unchanged on the day to stand at 47.50p
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