Falklands : Hydrocarbons Daily Record (22/05/07)
Submitted by Falkland Islands News Network (Juanita Brock) 23.05.2007 (Article Archived on 06.06.2007)
The price of crude has declined today.
HYDROCARBONS DAILY RECORD: TUESDAY, 22 MAY 2007
By J. Brock (FINN)
At 1800LMT on Tuesday, 22 May 2007 Light Sweet Crude was trading at $64.97 down $1.30 on the New York Mercantile Exchange and Brent Crude was trading at $69.52 down 97 Cents on London’s Ice Futures Market.
ANALYSIS:
By all accounts the price of crude should have increased today, with indicators like the 100,000 bpd cut off at Prudhoe Bay in Alaska due to leakages and refinery capacity still lingering below 90%. However, the price decreased today. Gasoline prices have reached $3.20 per gallon in the US and it truly looks as if pain at the pump has come early this year.
THE MARKETS:
FTSE100: 6,606.60 down 30.19
FTSE250: 12,176.30 down 25.22
SmallCap: 4,148.80 down 6.30
DJI: 13,539.95 down 2.93
NASDAQ: 2,588.02 up 9.23
S&P500: 1,524.12 up 0.98
REGIONAL DEVELOPMENTS:
Eight exploration companies have expressed interested in the Río Negro 3rd tender round in Argentina. They have purchased bidding rules for the third hydrocarbons tender launched by Argentina's Río Negro province.
(Colombia)
Colombia's oil and gas regulator is accepting bids drill in 13 areas along the nation's Caribbean. It is expected that bids will be opened publicly on Sept. 18, when the successful entity will be announced.
(Venezuela)
Venezuela's state oil company, PDVSA, assumed control of the four Orinoco belt heavy oil upgrading projects from the current multinational operators on May 1. The transfer of control
(Falkland Islands)
According to FOGL’s website, Wavefield InSeis has acquired 8,500km seismic data for FOGL Falkland Islands
of the four projects to PDVSA marks, the last step in Venezuela’s Government’s advance toward full control of the country's hydrocarbons industry. The relevant Orinoco projects together have a production capacity of around a quarter of Venezuela's estimated present crude production - some 600,000 barrels per day.
RELEVANT SHARE PRICES:
TLW: 385.00 down 3.00
DES: 26.75 down 0.25
FOGL: 84.00 unchanged
RKH: 42.00 unchanged
BOR: 21.00 unchanged
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