Falklands : Hydrocarbons Daily Record (21 November 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 22.11.2007 (Article Archived on 06.12.2007)
A poor inventory report from the US Department of Energy Administration helped the price of crude to increase to a record $99.29 before falling back to 97.29.
HYDROCARBONS DAILY RECORD (21 NOVEMBER 2007)
By J. Brock (FINN)
CRUDE PRICES Wednesday, 21 November 2007:
Light Sweet Crude traded at $97.29 down 74 Cents on the New York Mercantile Exchange. Brent Crude was trading at $94.84 down 65 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices fell back today after reaching an all time high of $99.29 on a disappointing inventory report from the US Department of Energy Administration.
THE MARKETS: Wednesday, 21 November 2007:
FTSE100: 6,094.30 down 132.21, FTSE 250: 10,212.90 down 266.96, SmallCap: 3,411.10 down 87.80
DJI: 12,799.04 down 211.10, NASDAQ: 2,562.15 down 34.66, S&P500: 1,416.77 down 22.93
A BRIEF INVENTORY REPORT FOR THE WEEK ENDING 16 NOVEMBER 2007:
Crude: down 1.1 million barrels to 313.6 million barrels
Gasoline: up 200,000 barrels to195.2 million barrels
Distillates: down 2.4 million barrels to 131.0 million barrels
Refinery Capacity: down 0.7% to 87%
INTERNATIONAL DEVELOPMENTS:
(Ukraine)
The Ukrainian press reports that a government decree has forced a small, Western energy company to sell off its assets, causing concerns about further foreign investment into the country’s oil and gas sector. Robert Bensh, CEO of Cardinal Resources, has announced that Cardinal Resources has moved to sell its interests in Ukrainian gas fields. Cardinal Resources is selling off its Ukrainian interests in the wake of the introduction price caps on gas sold by companies in joint ventures with Ukraine’s government.
REGIONAL DEVELOPMENTS:
(Peru)
Extracts from a Company Newsletter:
According to the OGJ, Nov. 5, 2007, Newsletter, BPZ Energy has begun oil production through the CX11 platform in Corvina field on Block Z-1 off northwestern Peru. The newsletter goes on to say that First production came from the CX11-21XD well, which reached a stabilized rate of 2,500 b/d of oil. The 21XD well was shut in after the first of two leased tankers was filled with 5,000 bbl of oil to allow the company to finish the dual completion of the CX11-14D well. The newsletter continues: “The 14D well, which has an expected maximum design throughput of 28 MMcfd of gas, flowed at a stabilized rate of 1,900 b/d through its oil tubing, producing 5,000 bbl into the second tanker. No formation water was detected in either well. Two Navy tankers will deliver this first 10,000 bbl of Corvina oil to a recently refurbished 40,000 bbl transport barge moored adjacent to Petroperu's 62,000 b/d Talara refinery 70 miles south of the field. Once the transport barge is filled to near capacity, the oil will be off-loaded into the refinery. BPZ expects to achieve average oil production rates of up to 2,500 b/d. Production is expected to increase to 4,000 b/d by yearend or early next year when a 40,000 bbl floating production, storage, and offloading vessel is in service. BPZ plans to bring the next well, CX11-18D, on line in the first quarter of 2008.
Source: OGJ Newsletter
SHARE PRICES: Wednesday, 21 November 2007
TLW: 581.00 down 16.50 DES: 21.75 down 3.00, FOGL: 128.50 down 4.50, RKH: 40.50 down 4.00, BOR: 34.50 down 0.50, PRE: 12.50 down 0.75, GBP: 9.50 down 0.50, GPK: 425.00 unchanged, BLT 1496.00 down 60.00, RDSA: 2019.00 up 33.00, RDSB: 2003.00 up 35.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 87.04 down 0.78
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