Falklands : Hydrocarbons Daily Record (20/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 21.11.2006 (Article Archived on 05.12.2006)
Iraq resuming oil production, warm winter weather predictions in the US and doubts about OPEC's 1.2 Million bpd production cut helped shave pennies off the price of crude today.
HYDROCARBONS DAILY RECORD: MONDAY, 20 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Monday, 20 November 2006 Light Sweet Crude lost .17 Cents on the New York Mercantile Exchange to stand at $58.80 and Brent Crude lost 62 Cents to stand at $58.37 on London’s ICE Futures Exchange.
TRENDS
Iraq resuming oil production, warm winter weather predictions in the US and OPEC’s reluctance to initiate a cut in production all added to a drop in the price of crude today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was up 12.46 points to settle at 6204.50 and the FTSE 250 added 14.88 points to end at 10,725.90. FTSE Small Cap lost 0.46 points to settle at 3,749.90.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index lost 26.02 points or 0.21% to settle at 12,316.54 and the NASDAQ gained 6.86 points or 0.28% to settle at 2.452.72. The S&P 500 lost 0.70 points or 0.05% to settle at 1,400.50 and the NYSE lost 13.00 points or 0.15% to settle at 8,884.17
DEVELOPING FACTORS
(Denmark)
Gas storage group Star Energy announced on Monday that exploration well Karlebo-1 onshore Denmark will be permanently plugged and abandoned after if failed to encounter hydrocarbons. The well was drilled by operator Tethys Oil Denmark as a deviated well and reached total depth at 2,302 meters true vertical depth below mean sea level. The press release went on to say that the well encountered sandstones of lower Cretaceous and Triassic age, said the group which has a 20% interest in the licence, but no hydrocarbons. The Company will be reviewing the data gained to ascertain whether the strata encountered may be suitable for gas storage applications.
DEVELOPING REGIONAL FACTORS
(Venezuela)
Venezuelan President Mr. Hugo Chavez and that country’s oil ministry (MEP) have announce a new gas to liquids project – Compligo Criogenico de Occidents (CCO). It is thought the liquefied natural gas would be used as a substitute for gasoline in the country’s vehicles thus increasing Venezuela’s crude exports. The gas to liquids plant is thought to cost in the region of $900Million. The announcement went on to say that PDVSA Gas will operate the plant, expected to be operational by December 2008. Once operational the plant should produce approximately 70,000 BPD.
(Falkland Islands)
Share prices at the close of play on Monday, 20 November 2006
Desire Petroleum Plc ended up 0.25 points or 0.71% on the day to settle at 35.25.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 82.50.
Rockhopper Exploration ended unchanged on the day to settle at 40.00.
Borders & Southern ended unchanged on the day to stand at 37.50
Tullow Oil ended down 0.25 points or -0.06% on the day to stand at 405.50
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