Falklands : Hydrocarbons Daily Record (17/01/07)
Submitted by Falkland Islands News Network (Juanita Brock) 18.01.2007 (Article Archived on 01.02.2007)
During this volitile session the price of crude hovered just above $50.00. Now it has rebounded by over $1.00.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 17 JANUARY 2007
By J. Brock (FINN)
At 1800 LMT on Wednesday, 17 January 2007 Light Sweet Crude closed up$1.03 to settle at $52.24 on the New York Mercantile Exchange and Brent Crude gained 1.16 to settle at $52.78 on London’s ICE Futures Market.
TRENDS:
During this volatile session the price of crude was just above $50.00 for a while today. Fears of prices going below $50.00 as drove prices higher, even though Saudi Arabia has twice in as many days assured investors that the cuts implemented thus far are sufficient to clear up any over-supply of crude and no emergency meeting to further cut production is planned.
THE MARKETS:
FTSE 100 closed at 6,204.50 down 11.16
FTSE 250 closed at 11,094.60 down 29.87
FTSE Small Cap closed at 3.938.30 down 0.05
DJI closed at 12,577.15 down 5.44
NASDAQ closed at 2,479.42 down 18.36
S&P500 closed at 1,430.62 down 1.28
WORLD-WIDE DEVELOPMENTS:
(Uganda)
In a press statement dated 15 January 2007 Heritage Oil & Gas Corporation, operator of Tullow Oil's exploration well in Hoima district in Uganda, wants a 270 square kilometres of land for its activities around Lake Albert. As part of the company's accelerated work in the country, the company needs the land by June 2007.
"As part of an accelerated work programme in Uganda, the joint venture partners are planning to acquire approximately 270 square kilometres of 3D seismic over the Kingfisher structure commencing in the first half of 2007. Options for further drilling of the Kingfisher prospect and other prospects in Lake Albert are being appraised."
The statement went on to say the Kingfisher-1A well has been successfully cased to 2,502 metres and drilled to a depth of 2,962 metres. However, Tullow holds the other 50 per cent interests in Blocks 3A and 1. Tullow is a leading independent oil & gas, exploration and production group.
REGIONAL DEVELOPMENTS:
(Bolivia and Argentina)
YPFB President Juan Carlos Ortiz said on Wednesday that nine of the twelve natural gas suppliers operating in Bolivia have announced their intention to supply their product to Argentina, according to agreements forged between them and Enarsa of Argentina. on Wednesday.
Three other companies, Andina, Petrobras Energia and MatPetrol, did not join the others because they do not have additional gas supplies and they are already committed to the internal market as well asexports to Brazil. Presenters include DonWon, Canadian Energy, Plus Petrol, Vintage, Chaco, Petrobras Bolivia, Total, Repsol YPF and BG Bolivia Corporation. It is expected that they will supply 7.7 million cubic meters of gas per day to Argentina in 2007.
(Venezuela)
According to a communiqué issued by PDVSA, Venezuela’s State Oil Company (PVDSA) has opened an office in Ecuador to seek joint ventures in research, transportation and processing of hydrocarbons and gas. The opening of headquarters in Quito was hosted by PDVSA Refining Vice President Alejandro Granado. At present, PDVSA has offices in Brazil, Cuba, Argentina, Uruguay, Bolivia, China and Ecuador, part of the strategy to diversify the enterprise s markets.
(Falkland Islands)
Relevant Share Prices for Wednesday, 17 January 2007:
Tullow Oil down -4.25 to settle at 393.00
Desire Petroleum down +0.50 at 33.00
FOGL down-1.50 to settle at 88.50
Rockhopper Exploration down -1.50 at 38.50
Borders & Southern up 0.50 at 35.50
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