Falklands : Hydrocarbons Daily Record (09/04/07)
Submitted by Falkland Islands News Network (Juanita Brock) 10.04.2007 (Article Archived on 24.04.2007)
Easing tensions with Iran as well as profit-taking have caused the price of crude to decline today.
HYDROCARBONS DAILY RECORD: MONDAY, 09 APRIL 2007
Compiled BY J. Brock (FINN)
At 1800hrs LMT on Monday, 09 April 2007 Light Sweet Crude was trading at $61.51, down $2.77 Cents on the New York Mercantile Exchange and Brent Crude traded at $66.59 down $1.28 Cents on London’s Ice Futures Market.
ANALYSIS:
Today’s decline in crude prices is due to the announcement Iran’s President made about being able to produce sufficient quality nuclear fuel for peaceful energy generation. Profit taking also factored in the drop in crude prices today.
THE MARKETS: The UK markets were closed on Monday due to the Easter Monday Bank Holiday.
DJI 12,569.14 up 8.54
NASDAQ 2,469.18 down -2.16
S&P 500 1,441.61 up0.85
INTERNATIONAL DEVELOPMENTS:
(Iran)
From a press release
Halliburton today announced that all of its contractual commitments in Iran have been completed and the company is no longer working in Iran.
The winding down of Halliburton’s work came as the result of a decision announced in January 2005 that only contractual commitments existing at that time would be honoured, and that no new work would be accepted going forward. Halliburton's prior business in Iran was clearly permissible under applicable laws and regulations.
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry.
With more than 45,000 employees in nearly 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir—from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s World Wide Web site at www.halliburton.com.
Contacts
Halliburton Public Relations
Cathy Mann, 713-759-2605
cathy.mann@halliburton.com
REGIONAL DEVELOPMENTS:
(Colombia)
From a press release
Chaco Resources Plc, has announces that drilling on the Cachapa well on the Primavera block in the Llanos Basin in Colombia is complete. The well, which was operated by Gran Tierra Energy, was drilled to 3,551ft into basement did not encounter commercial quantities of hydrocarbons and has been plugged and abandoned. Chaco Resources had a 55% interest in the well. The Company has gained some valuable experience and information which will be used within its portfolio.
(Argentina)
According to a report on Russia’s interfax News Agency, Argentine state-run energy company Enarsa has expressed an interest in developing hydrocarbons in the Caspian Sea. The report went on to say the suggestion was put forward at a meeting on March 6 between Argentine ambassador to Azerbaijan Lucas Brugo Marco and Azerbaijani Industry and Energy Minister Natiq Aliyev.
(Bolivia and Venezuela)
According to an announcement by Bolivia’s Hydrocarbons and Energy Minister, Carlos Villegas, Bolivia’s energy industry will go into joint-venture with Venezuela. The new company is called Petroandina Gas-Sam. The announcement went on to say that the new company will keep tabs on the production of natural gas from crude oil. Along with the creation of Petroandina, Bolivia will construct two fuel-processing plants the provinces of Santa Cruz (east) and Tarija (south), which will generate about 470 million cubic meters of gas.
RELEVANT SHARE PRICES: Markets Closed. Updated report on Tuesday
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