Falklands : Hydrocarbons Daily Record (21/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 22.02.2007 (Article Archived on 08.03.2007)
A spinn-off from economic news and stock sell-offs and the shut down and or reduction of production at some refineries has added more than a dollar to the price of crude today.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 21 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Wednesday, 21 February 2007 Light Sweet Crude up +$1.27 Cents to settle at $60.12 on the New York Mercantile Exchange and Brent Crude gained +$1.44 Cents to settle at $59.42 on London’s ICE Futures Market.
TRENDS:
A spin-off from economic news and stock sell-offs and the shut down and or reduction in production of some refineries has added over a dollar to the price of crude today.
THE MARKETS:
FTSE 100 closed at 6,357.10 down -55.23
FTSE 250 closed at 11,543.00 down -43.85
FTSE Small Cap closed at 4,089.90 down -4.41
DJI closed at 12,738.41 up -48.23
NASDAQ closed at 2,518.42 up +5.38
S&P500 closed at 1,457.63 up +2.05
WORLD DEVELOPMENTS:
(Alaska)
Royal Dutch Shell’s plan to drill up to four exploration wells in Arctic waters off the northern coast of Alaska this summer have been approved by U.S. regulators. An announcement from the Minerals Management Service said it approved the plans on February 15th following an environmental impact study they conducted. Shell acquired the area in the Beaufort Sea lease sale in 2005.
(Uganda - From a Press Release)
CANADIAN Heritage Oil and its UK partner Tullow Oil have announced a plan to test at deeper depths in Kingfisher-1A, a potential oil well in the western Uganda. The February 15 press release announced that the company is planning to test three intervals with a total thickness of 44 meters between 2,260 and 2,367 meters. A shallower interval, at a depth of 1,783 meters, was tested successfully in the Kingfisher-1 well in November 2006, producing 4,120 bopd over a 10-meter interval. The press release went on to say that the tested oil was light (c. 30 degrees API) and sweet with a low gas-oil ratio and some associated wax. Flow data from the test indicated the reservoir had an extremely high permeability of over 2,000 milliDarcies," the statement said in part. Kingfisher-1A was drilled to a total depth of 3,195 meters, which was determined to be close to the limit of the rig's operational capability. Wire- line logs and formation pressure testing have evidenced encouraging indications of hydrocarbons over the planned test intervals, the thickest of which is 21 meters.
(Kazakhstan)
Nursultan Nazarbayev, Kazakhstan's President, is keen for more regional involvement with Turkmenistan. He made the remarks recently at the inauguration of Gurbanguly Berdymukhammedov – the new President of Turkmenistan. As part of the initial trip the two leaders discussed ways to develop stronger ties between their countries. The Turkmen President gave the nod to President Nazarbayev's invitation to visit Kazakhstan. During their initial meeting both presidents noted the lack of any problems in bilateral relations and commonality of positions on international issues.
(Cyprus)
The government of Cyprus launched an international licensing round for offshore exploration of oil and gas. This was done in spite of opposition from Turkey. Cyprus imports most of its hydrocarbons products, which represent 16 percent of its annual import bill. The plans are to open 11 blocks south and southwest of the island. This is the Cyprus Government’s first time looking for companies to look for hydrocarbons in the Island’s waters. The bidding process runs until July 16. Companies can purchase seismic data and two-dimensional templates of the Mediterranean seabed, covering about 70,000 square kilometres. Major Exploration firms have shown interest.
REGIONAL DEVELOPMENTS:
(Brazil and Bolivia)
Petrobras, The State owned Brazilian Oil Company announced on Tuesday that it will renew its investments in Bolivia, frozen since 01 May 2006 when Bolivia’s President, Evo Morales, nationalised hydrocarbons industries within its national boundaries. In a press release from Petrobras states the agreement was signed during President Evo Morales' visit to Brasilia last week when he met Brazil's Mining and Energy Minister Silas Rondeau.
(Argentina and Venezuela)
President Hugo Chávez of Venezuela and President Néstor Kirchner of Argentina on Wednesday launched the heavy-crude oil Orinoco strip. In Argentine terms, this is a first operation of oil wells in Venezuela. The acreage is located in Block Number 6 (Ayacucho), in San Tomé, south Anzoátegui state. President Kirchner arrived in Puerto Ordaz, in southern Bolívar state on Tuesday afternoon. A few hours later, Venezuelan President Chávez joined him. Today the two men initialled the final aspects of the agreement. Several agreements will be implemented in the areas of technology, agriculture, gas and energy. Negotiations for the agreements began in 2006.
(Falkland Islands)
Relevant Share Prices for Tuesday, 20 February 2007:
Tullow Oil down -5.00 to stand at 384.75
Desire Petroleum up +0.25 at 29.25
FOGL unchanged at 87.00
Rockhopper Exploration unchanged at 44.50
Borders & Southern unchanged at 33.50
|
