Falklands : Hydrocarbons Daily Record (07/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 08.11.2006 (Article Archived on 22.11.2006)
Phyl Rendell is in Perth, Australia attending the Association of American Geologists International Conference.
HYDROCARBONS DAILY RECORD: TUESDAY, 07 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Tuesday, 07 November 2006 Light Sweet Crude lost $1.09 Cents on the New York Mercantile Exchange to stand at $58.93 and Brent Crude lost $1.27 Cents to stand at $58.48 on London’s ICE Futures Exchange.
TRENDS
A report on US inventories is due out shortly that could indicate a moderate increase. Hints that OPEC would further cut production have downgraded to they are thinking about it. Finally the threat of violence in the Niger Delta keeps the price drop from being too significant Nonetheless, there was a significant drop in crude prices today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was up 19.46 points to settle 6,244.00 and the FTSE 250 gained 64.46 points to end at 10,599.90. FTSE Small Cap gained 1.43 points to settle at 3,663.30.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 51.22 points or 0.42% to settle at 12,156.77 and the NASDAQ gained 9.93 points or 0.42% to settle at 2,375,88. The S&P500 gained 3.06 points or 0.22% to settle at 1,382.84 and the NYSE gained 15.60 points or 0.18% to settle at 8,835.22
(DEVELOPING FACTORS)
(BP)
The legal case against BP concerning the Texas City refinery incident will begin shortly in London. This case is significant because the sites including Prudhoe Bay, where BP have infrastructure are reported to be poorly maintained. This is a developing story and will be monitored by FINN.
(Trinidad and Tobago)
The deadline for bids for the onshore, near-shore and shallow-marine blocks at Trinadad and Tobago have slipped to November 30 from October 31 and now to December 15 from November 30 for the deepwater blocks between Venezuela and the Island. The Energy Ministry extended the deadlines to give potential bidders more time to consider competitive bidding order amendments. Twenty-five exploration companies have expressed interest in the onshore, near-shore and shallow-marine blocks, and 12 Exploration Companies are interested in the deep-water blocks. Eight onshore/near-shore blocks include shallow and deep-horizon areas in each of the Guayaguayare (2,329 sq km), Southwest Peninsula (1,455 sq km), Herrera (953sq km) and Central Range (1,590 sq km) blocks. Shallow marine blocks are 2(ab) covering 1,605 sq km and NCMA 2 and NCMA 3, which each cover 1,019 sq km. The three blocks have water depths ranging from 25-130m. Eight deepwater blocks range from 79,947-84,155ha and are off the country's east coast.
DEVELOPING REGIONAL FACTORS
The AAPG International Conference in Perth, Australia is attended by Director of Minerals Mrs. Phyl Rendell, A representative from FOGL, one from Borders and Southern and Dr. Phil Richards from British Geological Survey. While at the 2006 Conference they will have the opportunity to attend lectures including a technical program of oral and poster sessions woven around 10 major themes: Management and Decision Making; Petroleum Systems Analysis; Gondwana Evolution and Petroleum Systems; SE Asian Petroleum Provinces; West Australian Basins; Asia Pacific LNG Resources; Maximising Value from Mature Petroleum Assets; New and Emerging Technologies; Petroleum Development and the Environment and Non-conventional Hydrocarbon/Energy Resources. More on this vital conference when Phyl Rendell returns from her journey.
(Falkland Islands)
Share prices at the close of play on Tuesday, 07 November 2006
Desire Petroleum Plc ended down 0.25 points or 0.71% on the day to settle at 34.75.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 84.50.
Rockhopper Exploration ended down 1.00 on the day to settle at 42.00.
Borders & Southern ended unchanged on the day to stand at 37.50
Tullow Oil ended up 2.50 or 0.61% to stand at 412.25.
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