Falklands : Hydrocarbons Daily Record (21/09/06)
Submitted by Falkland Islands News Network (Juanita Brock) 22.09.2006 (Article Archived on 06.10.2006)
Oil prices are rising while the markets are falling in the US.
HYDROCARBONS DAILY RECORD: THURSDAY, 21 SEPTEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Thursday, 21 September 2006 Light Sweet Crude gained .85 Cents to stand at $61.59 and Brent Crude gained .87 Cents to stand at $61.34.
TRENDS
Declining gas futures were blamed for the price of crude today. Rhetoric at the UN added nervousness in the crude market but not enough to cause a sharp rise due to other factors such as good supply levels of crude and gasoline as well as heating fuel in the United States and relative calm in the mid east.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was up 30.47 points to settle 5,896.70 and the FTSE 250 gained 61.89 points to end at 9,853.00. FTSE Small Cap closed up 17.63 points to settle at 3,499.30.
DOW JONES AND NASDAQ
Lowering values in the commodities market and manufacturing concerns caused a downward trend on Wall Street today.
At the end of play today the Dow Jones Index lost 79.96 points or 0.69% to settle at 11,533.23 and the NASDAQ closed down 5.14 or 0.67% to settle at 2,237.75.
DEVELOPMENTS:
(United States)
Mr. Jonathan McConnachie, a young scientist with ExxonMobil Research and Engineering (EMRE), was recognized with the Society of Chemical Industry's 2006 Gordon E. Moore Medal for Excellence in innovation in industry. He received this award for his work in automotive lubricant research during his early career assignment at Exxon Chemical's additives division, now part of Infineum. Initiating the first major breakthrough in nearly 30 years, Mr McConnachie has made his company proud. The invention was taken by EMRE and Infineum in just a few years from conception to commercial readiness and is now used in more than one out of four passenger vehicles in the United States of America. A major benefit of reduced friction in an engine is greater fuel economy.
(Mexico)
The Latin American Press reports that Petroleos Mexicanos (PEMEX) oil company is now third in world crude production as it reached 3.7 million barrels per day (mbd) this year.The Mexican company marginally beat its own average in 2005, thus securing its leadership in the energy sector, according to a press release edited by the PEMEX Social Communication and Information Management. Saudi ARAMCO and National Iranian Oil (NIOC) of Iran, occupying the first and second places, respectively, are ahead of PEMEX .
DEVELOPING REGIONAL FACTORS
(Bolivia)
The Bolivian government urges citizens to take up arms, if necessary, to protect the ongoing process of nationalisation. Political and social conflicts are shaking the nation, especially in the eastern provinces. During third anniversary commemorations of the first six deaths of the killing on Wednesday, Acting President Alvaro Garcia made the exhortation in the locality where the war started. The deaths were ordered by former president Gonzalo Sanchez de Lozada to crack down on a social protest.
(Argentina, Spain and Bolivia)
Repsol YPF SA and the Bolivian government have expressed optimism over a possible future deal after negotiations about the Spanish-Argentine oil group's contracts in Bolivia. The Bolivian government said over the weekend that it would start talks with Repsol and Petroleo Brasileiros about new contracts in the wake of nationalisation of the country's oil and gas reserves in May. Hydrocarbon Minister Carlos Villegas and Repsol's head of its Bolivian operations Luis Garcia both said the negotiations, which began on Monday have lead to 'positive developments'. However, there are still areas of negotiation that need more detail. 'Villegas said that Repsol's director for Argentina, Bolivia and Brazil (ABB) Enrique Locutora will be coming to Bolivia September 23rd to the 29th to discuss the latest agreements which are being reached with Repsol.'
(Falkland Islands)
Desire Petroleum according to a report by Mrs. Phyl Rendell at the Mineral Resources Committee meeting held this afternoon, remains in readiness to drill and continues to work hard to secure a suitable platform to spud the three wells in their work programme. She added that they also continue to work closely with the Department of Mineral Resources and the Falkland Islands Government consultants, British Geological Survey (BGS) in preparation for drilling. Desire Petroleum’s consultants, one of which is Peak Well Management, are giving their attention to work needed before the first well is drilled.
Falkland Oil and Gas Limited (FOGL) has two surveys planned for this summer – a 2D seismic survey in the South Falkland Basin by a Norwegian company, Wavefield that starts in December on 5,000 acres of the South Falkland Basin. Controlled Source Electromagnetic Survey (CSEM) Data is due to be collected by OHM Limited this summer as well. New data will help the operating companies focus on their acreage and identify drillable targets.
Rockhopper Exploration has contracted a French company, CGG to carry out a 3D seismic survey starting in October. This will be carried out by a six-streamer seismic survey vessel and a chase boat. The area of survey will be in the north of the North Falkland Basin – well north of the Illex fishery – in the old Shell acreage. It is expected to take several months to complete the survey.
Marketing this summer begins in earnest in early November when Phyl Rendell and Dr Phil Richards from BGS will attend the American Association of Petroleum Geologists (AAPG) convention in Perth, Australia in early November. FOGL’s new exploration manager and the CEO of Borders and Southern Limited will attend as well. Borders and Southern will present a paper on Falklands prospectivity at the event.
Share prices at the close of play on Thursday, 21 September 2006
Desire Petroleum Plc was up 0.75 points or 2.1% on the day to settle at 35.00.
Falkland Oil and Gas Limited (FOGL) were unchanged on the day to stand at 107.00.
Rockhopper Exploration unchanged on the day to settle at 39.50.
Borders & Southern ended up 1.00 points or 2.27% on the day to stand at 45.00
|
