Falklands : Hydrocarbons Daily Record (21/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 22.11.2006 (Article Archived on 06.12.2006)
Severe weather at one of Alaska's ports and the resulting cut in output has caused crude prices to rise significantly today.
HYDROCARBONS DAILY RECORD: TUESDAY, 21 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Tuesday, 21 November 2006 Light Sweet Crude gained $1.37 Cents on the New York Mercantile Exchange to stand at $60.17 and Brent Crude gained $1.25 Cents to stand at $60.23 on London’s ICE Futures Exchange.
TRENDS
Severe Weather in Alaska that prevent tankers from leaving port has been blames by a 2/3rds cut in output in the US. This added to the price of crude today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was down 1.92 points to settle at 6,202.60 and the FTSE 250 added 26.32 points to end at 10,752.20. FTSE Small Cap lost 8.74 points to settle at 3,741.20.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 5.05 points or 0.04% to settle at 12,321.59 and the NASDAQ gained 2.12 points or 0.09% to settle at 2.454.84. The S&P 500 gained 2.31 points or 0.16% to settle at 1,402.81 and the NYSE gained 33.91 points or 0.38% to settle at 8,918.08
DEVELOPING FACTORS
(Oman)
From a Press Release
Indago Petroleum Announces Successful Testing of West Bukha-2
Primary Target, Offshore the Sultanate of Oman
Tuesday, November 21, 2006
Indago Petroleum, the oil and gas exploration and production company operating in Oman and the UAE, is pleased to announce that Indago Oman Limited (“IOL”) (a wholly owned subsidiary of Indago Petroleum Limited), as operator of Block 8, along with our partners, Eagle Energy (Oman) Limited (10%) and LG International (50%), has successfully flowed hydrocarbons from the Mishrif formation, the primary target of West Bukha-2A (WB2A) well.
The flowing test was being carried out over a perforated interval of 60m spanning a depth from 4005m to 4127.5m (MDRKB). After acidisation and an initial clean-up period the well flowed at a average rate over 5 hours of 6000 bbls/d of 41.5o API oil and 16.9 mmscf/d of gas on a choke size of 48/64” and flowing tubing pressure of 2980 psia. On increasing the choke size to 60/64” the rates increased to approximately 7600 bbls/d and 20.5 mmscf/d with a flowing tubing pressure of around 2450 psia. We are currently pulling the out the test equipment from the well, and depending on analysis of the results, including the down-hole pressure data, the Joint Venture will decide whether to carry out further testing.
Peter Sadler, CEO of Indago Petroleum commented “We are delighted to have achieved such a strong oil and gas flow from our primary objective and this is a credit to our technical and operational team. These flows when combined with the 4392 bbbl/s from the secondary target, lead us to be very confident that a significant resource is being established by the results of this well.”
Contact Peter Sadler Chief Executive Officer on 971 4 332 5444
Website Address: http://www.indagopetroleum.com.
(Iran)
On Monday, 20 November 2006 the Eleventh International Oil and Gas Forum opened in Tehran’s Olympic Hotel. The conference included high-ranking Iranian economic officials and delegates from OPEC member states as well as European and Asian oil consumers. The forum is assessing recent global oil and gas developments and the opportunities and challenges ahead. Technological development and Geopolitical issues as well as investment opportunities in Iran’s oil, gas, and petrochemical industries are areas being discussed at the forum. The forum is set to end on Tuesday.
DEVELOPING REGIONAL FACTORS
(Venezuela and the United States)
Venezuela's government is delivering discounted heating oil to low-income New Yorkers for the second straight year, Citgo, a subsidiary of Venezuela's state-owned oil company, delivered the first of the heating fuel to an apartment building in the Bronx. The programme, begun last year, is part of a promise Venezuelan President Hugo Chavez made to assist America's poor. More than 25 million gallons of fuel at a 40 percent discount will be delivered to approximately 100,000 households in the New York City area.
(Falkland Islands)
Share prices at the close of play on Tuesday, 21 November 2006
Desire Petroleum Plc ended down 0.25 points or 0.71% on the day to settle at 35.00.
Falkland Oil and Gas Limited (FOGL) ended down 0.50 or 0.61% on the day to stand at 82.00.
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 up 5.50 points or 1.60% on the day to stand at 412.00
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