Falklands : Hydrocarbons Daily Record (28/08/06)
Submitted by Falkland Islands News Network (Juanita Brock) 29.08.2006 (Article Archived on 12.09.2006)
Mexico has news that Sr. Obrador actually did lose the election. However, there will not be a full recount and deliberations are still going on.
HYDROCARBONS DAILY RECORD: MONDAY, 28 AUGUST 2006
By J. Brock (FINN)
At 1800 LMT on Monday, 28 August 2006 Light Sweet Crude fell $2.16 Cents to stand at $70.35 and Brent Crude fell .99 Cents to stand at $71.73.
Relief is present at the downgrading of Tropical Storm Ernesto as well as good news about the supply of crude from Prudhoe Bay, Alaska lead to the drop in crude prices today.
At the close of play today, the FTSE 100 was up 0.01 points to settle at 5,878.60 and the FTSE 250 was down 0.04 points to end up at 9,451.90. FTSE Small Cap closed up 0.05 points to settle at 3,415.90.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 67.96 points or 0.60% to settle at 11,352.01 and the NASDAQ closed up 20.41 points or 0.95% to settle at 2,160.70.
DEVELOPING REGIONAL FACTORS:
The Government of Bolivia is stepping up its investigations of oil trans-nationals after high level government officials were implicated in a scam involving Spanish Company Repsol. They have been accused of having their hands well and truly in the till and benefited from a conspiracy that failed. According to government sources the trans-nationals were involved in a conspiracy against the nationalisation policy implemented by the Bolivian Government in May. Those charged are accused with tax evasion. It is reported that one conspiracy duped the State of $161 Million.
The Chief Financial Officer at Brazil's state-run oil firm, Petrobras, reacting to recent judicial trouble in Bolivia, defended the company's actions in the Andean country. By saying that Petrobras has always adjusted itself to meet local legislation in Bolivia, Almir Barbassa, Chief Financial Officer, relayed his thoughts to journalist at the sidelines of a seminar in Sao Paulo. Yet, neither Barbassa, nor press officials at Petrobras headquarters in Rio de Janeiro, had information about accusations made by Bolivian officials over the weekend. The attorney general's office in Santa Cruz, Bolivia, Saturday said it wants to arrest the former Petrobras Bolivia executives in order to question them over alleged illegal gas sales to Brazil.
According to the Latin American Press, agreements signed by Venezuela and China on hydrocarbons are part of the market diversification policy that the country is implementing. Energy and Oil Minister Rafael Ramirez asserted that in declarations to the Venezolana de Television s En Confianza indicate that they will still maintain oil supply to traditional clients like the United States, because the country s new trade plans are based on additional production capacitiesChina will increase from 150,000 daily barrels to 500,000 in a mid term, which will make Venezuela become a "stable and secure" source of fuels for China. The presence of Chinese companies in several oil-related projects is becoming greater, as participation in the exploitation of the Orinoco Belt, with total investments estimated at some $5.0 Billion.
Shareholders still await new information about exploration in the South and North Falkland Basins. It’s there, folks, honest!
Share prices at the close of play on Monday, 28 August 2006
Desire Petroleum Plc was unchanged on the day to settle at 36.00.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 110.00.
Rockhopper Exploration ended unchanged on the day to settle at 38.00
Borders & Southern ended unchanged on the day at 45.25