Falklands : Hydrocarbons Daily Record (22/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 23.11.2006 (Article Archived on 07.12.2006)
An easing of weather conditions on Alaska's coast as well as good inventory reports have caused crude prices to drop today.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 22 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Wednesday, 22 November 2006 Light Sweet Crude lost 93 Cents on the New York Mercantile Exchange to stand at $59.24 and Brent Crude lost 90 Cents to stand at $59.49 on London’s ICE Futures Exchange.
TRENDS
An easing in weather conditions on Alaska’s coast as well as an excellent report about inventories has caused the price of crude to drop today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was down 42.32 points to settle at 6,160.30 and the FTSE 250 lost 54.51 points to end at 10,687.70. FTSE Small Cap lost 4.06 points to settle at 3,737.10.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 5.36 points or 0.04% to settle at 12,326.95 and the NASDAQ gained 11.14 points or 0.45% to settle at 2.465.98. The S&P 500 gained 3.28 points or 0.23% to settle at 1,406.09 and the NYSE gained 30.86 points or 0.35% to settle at 8,948.94.
DEVELOPING FACTORS
(Personnel Poaching)
The Government of Algeria has expressed concern that foreign oil firms are poaching staff from state energy firm Sonatrach. A decision by Royal Dutch Shell not to hire Sonatrach employees has been praised by that country’s Government. Government officials also urged other countries doing business in Algeria to follow suit. Energy and Mines Minister Chakib Khelil told an open meeting with foreign oil company executives and journalists that 'Sonatrach does not have sufficient personnel to go around. “Poaching by foreigners exacerbates the effects of a worldwide shortage of energy industry skills,” he said. Shell won two of nine licences for oil and gas exploration awarded by Sontrach to international companies in April 2005 and in February this year it signed a memorandum of understanding with Sonatrach to study the building a liquefied natural gas (LNG) plant.
(Australia)
Foreign Oil Companies are spending millions recruiting Western Australia's top oil and gas professionals. Saudi companies are said to be chief among them. Two manned large recruitment displays at last week's American Association of Petroleum Geologists international convention at the Perth Convention Exhibition Centre. At which Phyl Rendell, Dr. Phil Richards and representatives from FOGL and Borders and Southern were present. The move comes weeks after the Western Australian Government launched its $1.2 million Go West campaign to lure labourers and trades-people from the Queensland, New South Wales and Victoria. Saudi companies offer tax-free salaries, housing, education, travel and extended leave. A spokesman for Australia’s Petrochemical Production and Exploration Association said, “The industry had always struggled to keep oil and gas professionals in Australia, but the worldwide shortage of petrochemical and geo-technical experts made the situation critical.”
(Falkland Islands)
Share prices at the close of play on Wednesday, 22 November 2006
Desire Petroleum Plc ended unchanged 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 81.50.
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 10 points or -2.43% on the day to stand at 402.00
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