Falklands : Hydrocarbons Daily Record (21/08/06)
Submitted by Falkland Islands News Network (Juanita Brock) 21.08.2006 (Article Archived on 04.09.2006)
Indigenous Indians have taken over one of Petrobras's gas distribution points in Bolivia.
HYDROCARBONS DAILY RECORD: Monday, 21 AUGUST 2006
By J. Brock (FINN)
At 1800 LMT on Monday, 21 August 2006 Light Sweet Crude gained $1.31 Cents to stand at $72.45 and Brent Crude gained .75 Cents to stand at $73.05.
TRENDS
As expected, Iran has announced that it will continue to produce enriched nuclear fuel for energy generation. With 2 Million Barrels a day at stake, oil investors have become nervous and the prices for crude have risen.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 gained 11.84 points to settle at 5.915.20 and the FTSE 250 was down 9.26 points to end up at 9,503.70. FTSE Small Cap gained 3.77 points to settle at 3,400.90.
DOW JONES AND NASDAQ
Two factors causing a reversal after five sessions are economic factors that threaten an increase in the FED’s interest rate. Factor two is out “friend” Iran, refusing to stop enriching nuclear fuel for energy Generation.
At the end of play today the Dow Jones Index lost 52.59 points or 0.46% to settle at 11,328.88 and the NASDAQ closed down 17.52 points or 0.81% to settle at 2,146.43.
DEVELOPING FACTORS:
(South America General)
Emerald Energy has abandoned and suspended several wells after unsuccessful drilling results resulting in shares fell more than 9 percent on Friday. Emerald Energy is engaged in exploration and production of hydrocarbons in South America and the Middle East. The Exploration Company abandoned two wells in Colombia after they proved to be non-commercial and is using another well for water after hydrocarbons could not be recovered.
(Bolivia and Brazil)
A press official from Petrobras' Bolivia unit said on Monday that Indians from the Guarani people Sunday occupied a control station of a gas pipeline operated by a consortium of Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, Repsol-YPF (REP) and Total (TOT) in Parapet in Santa Cruz state. Approximately 30 Indians were still occupying the site on Monday, while 150 people were staging protests outside the premises, used to compress gas for transport to Brazil.
The Petrobras press official said that Indian leaders have threatened to close valves in the control station and stop the gas exports, but so far they have not made good on their threat. Indians demand the immediate payment of $9 million in social contributions promised by the oil companies in a 2005 agreement. However, the official said that contributions would be made over a time period of 20 years, and not immediately.
A Hydrocarbons Ministry spokesman said on Monday that the Ministry sent a commission headed by the vice minister for the commercialisation and industrialisation of hydrocarbons, William Donaire, to Parapeti to negotiate with the Indians.
(Ecuador)
Ecuador’s Gross Domestic Product Growth for this financial year has been estimated by the International Monetary Fund (IMF) at over 4% instead of its previous 3% plus estimate earlier this year, an IMF official said on Monday. Income from Ecuador’s hydrocarbons “Windfall Tax” law amounting to $1.3 billion is what has increased the IMF’s assessment. Windfall Tax income is expected to reach $951 Million for Ecuador’s Government.
(Falkland Islands)
Share prices at the close of play on Monday, 21 August 2006:
Desire Petroleum Plc was unchanged on the day to settle at 38.50.
Falkland Oil and Gas Limited (FOGL) ended the day 2.00 points lower or -1.75% to stand at 112.50.
Rockhopper Exploration ended unchanged on the day to settle at 35.50
Borders & Southern ended unchanged on the day at 45.50
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