Falklands : Hydrocarbons Daily Record (03/05/07)
Submitted by Falkland Islands News Network (Juanita Brock) 04.05.2007 (Article Archived on 18.05.2007)
There is a debate about who is going to receive the profits from North Sea Oil if Scotland becomes independent. We will keep abreast of developments as they become known.
HYDROCARBONS DAILY RECORD: THURSDAY, 03 MAY 2007
By J. Brock (FINN)
At 1800hrs LMT on Thursday, 03 May 2007 Light Sweet Crude was trading at $63.19 down 49 Cents on the New York Mercantile Exchange and Brent Crude was trading at $65.57 down 20 Cents on London’s Ice Futures Market.
ANALYSIS:
Nigerian militants have freed several foreign oil workers and this helped to reduce the price of crude today. However, tensions in the region could rise and cause the reverse affect.
THE MARKETS
FTSE 100: 6,537.89 up 53.35
FTSE 250: 12,046.10 up 26.75
SmallCap: 4,103.00 up 4.97
DJI: 13,2241.38 up 29.50
NASDAQ: 2,565.46 up 7.62
S&P 500: 1,502.39 up 6.47
INTERNATIONAL DEVELOPMENTS
(Scotland)
There is a debate about who is going to receive the profits from North Sea Oil if Scotland becomes independent. We will keep abreast of developments as they become known.
REGIONAL DEVELOPMENTS:
(Bolivia)
After six months of congressional debating the government of Bolivia has put into force 44 contracts negotiated after the 01 May 2006 nationalisation of the hydrocarbons industry by the newly elected President, Mr. Evo Morales. The contracts, signed in October, will allow the state run oil company, YPFB to take control over the oil and gas production. Hydrocarbons Minister Carlos Villegas stated the government will endorse an energy policy that prioritises the implementation of exploitation and exploration projects and fuel transportation. He stressed the importance to meet internal demands and commitments with neighbor countries such as Brazil and Argentina.
(Brazil)
In a Thursday press release, Brazilian oil company Petrobras denied any plans to leave projects it runs with its Venezuelan counterpart Petróleos de Venezuela (Pdvsa). Petrobras could waive part of its obligations in Venezuela due to the nationalisation of hydrocarbons reserves undertaken by the government of President Hugo Chávez. The press release went on to reassure Petrobras’ Venezuelan counterparts that there was no risk of discontinuing negotiations or negating the alliance begun two years ago.
RELEVANT SHARE PRICES:
TLW: 369.25 up 4.75
DES: 25.00 down 0.50
FOGL: 88.00 unchanged
RKH: 40.00 up 0.50
BOR: 25.50 unchanged
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