Falklands : Hydrocarbons Daily Record (25 September 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 26.09.2007 (Article Archived on 10.10.2007)
REfineries damaged during storms in the Gulf of Mexico have come back online and helped to lower the price of crude today.
HYDROCARBONS DAILY RECORD: TUESDAY, 25 SEPTEMBER 2007
By J. Brock (FINN)
At 1830hrs LMT on Tuesday, 25 September 2007 Light Sweet Crude was trading at $79.53 down $1.42 on the New York Mercantile Exchange. Brent Crude was trading at $77.52 down $1.59 on London’s ICE Futures Market.
ANALYSIS:
Refineries damaged in the Gulf of Mexico are now back online. This and stock market declines helped to decrease the price of crude today. Limited profit taking also caused today’s decrease in crude prices.
THE MARKETS: 25 SEPTEMBER 2007:
FTSE100: 6,396.90 down 69.01, FTSE250: 10,853.20 down 187.58 , SmallCap: 3,787.30 down 17.42
DJI: 13,778.65 up 19.59, NASDAQ: 2,683.45 up 15.50 S&P500: 1,517.21 down 0.52
INTERNATIONAL DEVELOPMENTS:
Repsol/YPF, a joint Spanish-Argentine oil company, is seeking approval from the U.S. Minerals Management Service to join an exploration program with Shell and Eni in Alaska's Beaufort Sea. Repsol/YPF would hold 20 percent interest in the area, while Shell and Eni each would hold 40 percent interest. Pending the results of 3-D seismic data in the area, covering 64 contiguous Outer Continental Shelf blocks in a relatively unexplored area north and close to Prudhoe Bay and the Kuparuk River fields, exploration may begin around 2009 to 2010.
REGIONAL DEVELOPMENTS:
(Argentina)
Environmental authorities in Argentina environmental has slapped restrictions on a Petrobras fuel storage complex on the Riachuelo River because it is leaking sewage and chemicals as it flows past Buenos Aires’ historic La Boca district. Two weeks ago the authorities shut down a near-by refinery operated by Royal Dutch Shell PLC over pollution claims. Shell was allowed to reopen its refinery after presenting a cleanup plan.
(Brazil and Venezuela)
Venezuela’s President, Hugo Chavez, has said that there are problems with the Southern Gas Pipeline. He and Brazil’s President Luiz Inácio Lula da Silva last week discussed the problems but have not been able to resolve them. Newspapers quote: "there are some problems between (state oil firms) Petrobras and Petróleos de Venezuela (Pdvsa). They have not managed to reach an agreement." It seems that the problems are technical ones between the two state-run energy companies.
LOCAL DEVELOPMENTS:
Borders & Southern announced today that Petroleum Geo-Services (PGS), an oilfield service company, has purchased 8.57% or 16.7million shares in the company at 30 pence each for $10million USD. Petroleum Geo-Services will conduct a 3D survey in Borders & Southern’s acreage in the South Falklands Basin. The press release went on to say that Borders & Southern has signed a seismic agreement with PGS to conduct a 3D survey within its South Falklands Basin. This be 'the most extensive 3D seismic study ever conducted in this area.
The 3D survey area is about 1,500 sq km and located over some of the company's best prospects that were identified using earlier 2D seismic data. The survey should start in October. The finishing time depends on the weather and sea conditions.
RELEVANT SHARE PRICES 25 SEPTEMBER 2007:
TLW: 576.00 down 23.50, DES: 28.00 down 0.25, FOGL: 145.00 down 15.00, RKH: 50.50 unchanged, BOR: 34.00 up 2.00, PRE: 13.75 up 0.25, GBP: 8.88 down 0.25, GPK: 420.00 unchanged.
|
