Falklands : Hydrocarbons Daily Record (30/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 01.12.2006 (Article Archived on 15.12.2006)
OPEC are set to meet on December 14th and it is expected that they will formally agree to another production cut.
HYDROCARBONS DAILY RECORD: THURSDAY, 30 NOVEMBER 2006
By J. Brock (FINN)
At 1800 LMT on Thursday, 30 November 2006 Light Sweet Crude gained 0.58 Cents on the New York Mercantile Exchange to stand at $63.13 and Brent Crude gained 0.42 Cents to stand at $63.49 on London’s ICE Futures Exchange.
TRENDS
OPEC is due to meet on 14 December and it is expected that they will propose a further production cut. Ditto for an unhappy inventory today as well as predictions for colder weather both added to the price of crude today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was down 35.76 points to settle at 6,048.80 and the FTSE 250 gained 7.81 points to end at 10,673.90. FTSE Small Cap gained 3.15 points to settle at 3,651.00.
DOW JONES AND NASDAQ
The Dow Jones Index lost 4.80 points or -0.04% to settle at 12,221.93 and the NASDAQ lost 0.46 points or -0.04% to settle at 2.432.23. The S&P 500 gained 1.15 points or 0.08% to settle at 1400.63 and the NYSE gained 21.83 points or 0.24% to settle at 8,969.00.
DEVELOPING REGIONAL FACTORS
(Ecuador)
Rafael Correa, a socialist and Ecuador's next president, told a press conference on Tuesday that he would re-negotiate foreign oil contracts and more than quadruple the share of crude volume received by the state. President-elect Correa made the oil contract re-negotiation a key part of his campaign platform, also said he might seek to increase the share of extra oil revenue that private companies are forced to give the state under a recent law. He promises to increase state control over energy resources but has parked fears his government could meddle with private companies like other leftist leaders have done in the region. Starting January 16th, the participation of the state in these contracts will begin – a day after he is sworn in as President.
(Brazil)
(From a press release)
BrazAlta Resources Corporation is pleased to announce that the Agencia National De Petroleum, ("ANP"), Brazil's National Petroleum Agency has awarded BrazAlta 2 onshore blocks and W.Washington Empreendimentos E. Participacoes Ltda., BrazAlta's joint venture partner, 1 onshore blocks, combined for a total of 3 blocks. Each block represents approximately 180 square kilometers.
The Blocks were acquired in Round 8 are known as Blocks 161, 172 and 177 in the Tucano Basin area of Central Eastern Brazil. These blocks are exploration blocks which are for a total of three years. Brownstone Ventures Inc ("Brownstone") also was awarded two onshore blocks in the Round 8 auction. The Brownstone Blocks acquired in Round 8 are known as Blocks 131 and 132 in the Tucano area of Central Eastern Brazil. These blocks are also 180 Square Kilometer exploration blocks which are for a total of three years.
About Round 8
The Brazilian National hydrocarbons regulator ANP has awarded 38 explorations blocks offered in the Round 8 Hydrocarbon licensing round known as Round 8. However, a federal judge in Brasilia on Tuesday afternoon of November 28,2006 issued an injunction suspending the auction after a congresswoman of the governing Workers Party, had challenged a rule of the auction that limits the number of bids each company is allowed to place at the auction.
The ANP, has made a statement on November 29, 2006 saying that it was not successful in overturning the suspension of the Round 8 auction and, as a result, has declared the auction ended. The ANP still expects to overturn the injunction.
At this time it is unclear whether the awarded licenses will continue to be valid after the suspension of the auction. During previous Round's Brazil's oil block auctions have been challenged in he courts, with ANP having success to overturn any judicial actions against them.
BrazAlta does not undertake any responsibility with regard to the accuracy of this press release nor the obligation to update the above mentioned information TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
BrazAlta Resources Corp.
David R. P. Mears
President & CEO
(403) 561-1648
Email: dmears@brazalta.com.
(Venezuela)
Venezuela's Energy Mnister, Rafael Ramirez, said on Thursday that OPEC has reached a consensus on cutting output at a Dec. 14 meeting and Venezuela could propose shaving as much as 500,000 barrels per day off the cartel's production. Initially Venezuela proposed a cut of 300,000barrels per day but it will probably be converted to 500,000, according to Mr. Ramirez. Conversations with the other ministers showed that most of them are in favor of doing everything necessary for market stability, and this means that OPEC wants to assure higher prices.
Flamboyant president Hugo Chavez is stoking up election fever in Venezuela ahead of Sunday's election. At stake is his country's programmes to trickle down oil profits to his nation's poor people. A report in relation to hydrocarbons will be published in the Weekend Record.
(Falkland Islands)
Thursday, 30 November 2006
Desire Petroleum Plc ended unchanged on the day to settle at 33.00.
Falkland Oil and Gas Limited (FOGL) ended down 1.50 or -1.99% on the day to stand at 74.00.
Rockhopper Exploration ended unchanged on the day to settle at 40.25.
Borders & Southern ended down 0.25 or -0.66% on the day to stand at 37.50
Tullow Oil ended up 2.25 points or 0.56% on the day to stand at 405.25
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