Falklands : Hydrocarbons Weekend Record (23 to 25 November 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 25.11.2007 (Article Archived on 09.12.2007)
The North Sea Incident is not expected to affect the price of Brent Crude.
HYDROCARBONS WEEKEND RECORD (23 TO 25 NOVEMBER 2007)
Compiled by J. Brock (FINN)
THIS WEEKEND’S TOP STORY:
(North Sea)
The Health and Safety Executive (HSE) has launched an inquiry after a fire on a North Sea oil platform forced the evacuation of 118 workers. According to several weekend papers in the UK, the fire occurred on the Thistle Alpha platform located approximately 325 miles north of Aberdeen and only five miles inside the UK search and rescue area. Seven helicopters, including two from Norway, and an RAF Nimrod were sent to the remote rig shortly after 8am. The fire was located in the turbine area of the rig but was quickly brought under control.
WEEKEND DEVELOPMENTS:
(Argentina and Bolivia)
According to a press release issued in Bolivia on Thursday there currently is a decrease of gas supply to Argentina. Argentine Planning Minister Julio De Vido plans to discuss the decrease during his next visit to Bolivia to review bilateral energy accords on December 7th. Bolivia’s Hydrocarbons Minister Carlos Villegas, has said that natural gas exports to Argentina are currently 2.7 million cubic meters daily, below the 7.7 million contracted this year. Both countries signed an agreement on natural gas commercial operations in October 2006, in which Bolivia promises to supply an average of 5.5 million cubic meters and rise between 7.7 and 8.8 million until 2009.
(100X Translation Service)
(Bolivia and Brazil)
YPFB, and Petrobras, will jointly explore four prospects. The agreement will be signed on December 12, during a visit of Brazilian President Luis Inacio Lula Da Silva. According to a press release the new joint venture will carry out oil prospecting in four traditional and non-traditional areas in the provinces of Santa Cruz, Tarija, and Chuquisaca. Petrobras' participation in the hydrocarbon sector will feature gas sales to Argentina, as YPFB has committed to sending 27.7 million cubic meters of gas daily to Argentina beginning in 2011.
(100X Translation Service)
CRUDE PRICES Monday, 19 November 2007:
Light Sweet Crude traded at $94.64 up 80 Cents on the New York Mercantile Exchange. Brent Crude was trading at $92.28 up 66 Cents on London’s ICE Futures Market.
CRUDE PRICES Tuesday, 20 November 2007:
Light Sweet Crude traded at $98.03 up $3.39 on the New York Mercantile Exchange. Brent Crude was trading at $95.49 up $3.21 on London’s ICE Futures Market.
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.
CRUDE PRICES Thursday, 22 November 2007:
Light Sweet Crude traded at $96.89 down 40 Cents on the New York Mercantile Exchange. Brent Crude was trading at $94.63 down 21 Cents on London’s ICE Futures Market.
CRUDE PRICES Friday, 23 November 2007:
Light Sweet Crude traded at $98.18 up 98 Cents on the New York Mercantile Exchange. Brent Crude was trading at $95.76 up 1.26 Cents on London’s ICE Futures Market.
ANALYSIS Monday, 19 November 2007:
Crude prices increased today on the back of volatile FTSE and NYSE sessions, Dollar/Euro concerns and the OPEC decision not to increase production. Seen as unhelpful is the Hugo and Mahmud Show threatening the world with $200.00 per barrel crude. This would mainly harm those that good socialists have vowed to serve – the poor.
ANALYSIS Tuesday, 20 November 2007:
Crude prices increased significantly today due to US refinery Capacity fears affecting supply. The weak US Dollar also helped the price of crude increase today.
ANALYSIS Wednesday, 21 November 2007:
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.
ANALYSIS Thursday, 22 November 2007:
A major factor in the decline of crude prices today is the decline in consumption/demand in the United States. Today is Thanksgiving and more detailed information is not available today.
ANALYSIS Friday, 23 November 2007:
Crude prices have gone into self-destruct today with speculators using any excuse to wedge prices higher towards $100.00 a barrel. Perhaps the affects won’t be felt until after Christmas when credit card payments for Black Friday are due. Indications are that many people are throwing caution to the wind this year and shopping till they drop, resulting in not having any money to pay for heating oil. In a nation that is awakening to tight credit, this adjustment will be difficult to make.
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%
SHARE PRICES: Monday, 19 November 2007
TLW: 632.00 down 14.50 DES: 25.00 unchanged, FOGL: 134.50 down 14.00, RKH: 46.50 down 0.50, BOR: 35.50 unchanged, PRE: 13.75 down 0.75, GBP: 10.00 down 0.25, GPK: 425.00 unchanged, BLT 1520.00 down 82.00, RDSA: 1941.00 down 3.00, RDSB: 1915.00 down 8.00, RDSD: 39.21 unchanged (Trading in Euros)
SHARE PRICES: Tuesday, 20 November 2007
TLW: 597.50 down 34.50 DES: 24.75 down 0.25, FOGL: 133.00 down 1.50, RKH: 44.50 down 2.00, BOR: 35.00 down 0.50, PRE: 13.25 down 0.50, GBP: 10.00 unchanged, GPK: 425.00 unchanged, BLT 1556.00 up 37.00, RDSA: 1986.00 up 45.00, RDSB: 1968.00 up 53.00, RDSD: 39.21 unchanged (Trading in Euros)
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 down 60.00, RDSA: 2019.00 up 33.00, RDSB: 2003 up 35.00, RDSD: 39.21 unchanged (Trading in Euros)
SHARE PRICES: Thursday, 22 November 2007
TLW: 568.50 down 12.50 DES: 20.00 down 1.75, FOGL: 120.00 down 8.50, RKH: 39.50 down 1.00, BOR: 33.50 down 1.00, PRE: 12.25 down 0.25 GBP: 9.50 unchanged, GPK: 425.00 unchanged, BLT 1489.00 down 7.00, RDSA: 2026.00 up 7.00, RDSB: 2005.00 up 2.00, RDSD: 39.21 unchanged (Trading in Euros)
SHARE PRICES: Friday, 23 November 2007
TLW: 575.00 up 5.50 DES: 23.00 up 3.00, FOGL: 132.50 up 12.50, RKH: 40.50 up 1.00, BOR: 33.50 unchanged, PRE: 12.25 unchanged, GBP: 9.25 down 0.25, GPK: 425.00 unchanged, BLT 1568.00 up 69.00, RDSA: 1994.00 down 32.00, RDSB: 1981.00 down 30.00, RDSD: 39.21 unchanged (Trading in Euros)
LAST WEEK’S LOCAL DEVELOPMENTS:
19 November 2007
Rockhopper Exploration PLC (“the Company”)
Notifiable Interest
A form TR-1 containing the following information has been received by the Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
Rockhopper Exploration PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
MF Global UK Limited
4. Full name of shareholder(s) (if different from 3):
N/A
5. Date of the transaction (and date on which the threshold is crossed or reached if different):
15 November 2007
6. Date on which issuer notified:
16 November 2007
7. Threshold(s) that is/are crossed or reached:
5%
8. Notified details:
A: Voting rights attached to shares
Class/type of shares if possible using the ISIN CODE |
Situation previous to the Triggering transaction (vi) |
GB00B0FVQX23
|
Number of shares
3,790,317 |
Number of voting Rights (viii)
3,790,317 |
Desire Petroleum plc ("Desire" or "the Company" Acquisition of Site Survey Data Desire Petroleum plc (AIM:DES) announces that Wavefield InSeis ASA will return to the North Falkland Basin later this month to complete the site survey programme started earlier this year. In addition to completing the programme in Tranche C it is also intended to acquire site survey data in Tranches I and L over the Dawn and Ruth prospects as well as over two new prospects recently identified in the area. Following these site surveys Desire will have six prospects ready to drill in Tranches C and D and on completion of the environmental impact assessment currently underway on Tranches I and L, four prospects ready to drill in that area. Commenting on these developments, Ian Duncan Chief Executive of Desire said: "The Desire team continues to add prospects and reduce drilling risk through detailed technical studies over our licenced areas. "We are delighted at the renewed interest in the Falklands shown by new entrants in to the region and remain confident that commercial hydrocarbon systems are present and that active exploration will confirm our technical evaluations." For further information please contact: Desire Petroleum plc 020 7436 0423 Colin Phipps, Chairman Dr Ian Duncan, Chief Executive Officer
LAST WEEK’S REGIONAL DEVELOPMENTS:
(Chile)
Several Latin American newspapers say that New Zealand's Greymouth Petroleum has won four permits covering 9,000 square kilometres (3,475 sq miles) in and around the Chilean Straits of Magellan. LaPrenza Austral reported on Monday that, Greymouth has won exploration rights for the Brotula and Isla Magdalena offshore blocks as well as two onshore blocks, Provenir and Caupolican. The LaPrensa Austral reports go on to say that Greymouth will jointly explore and develop the Caupolican block with Chilean state oil and gas company Empresa Nacional del Petroleo (ENAP). According to a Company press release, Greymouth Chief Operating Officer John Sturgess said the company has identified gas and oil potential in the Straits of Magellan equivalent to the Turangi-Pohokura gas-condensate area in New Zealand. Greymouth Petroleum submitted five bids for 10 permits covering an area of 32,000 square kilometres (12,355 sq miles) offered by the Chilean government in June of this year. Other successful bidders included France's Total and U.S.-based Apache Corp.
(100X Translation Service)
(Brazil and Argentina)
Brazil’s President Luiz Inacio Lula da Silva and Argentina's president-elect, Cristina Fernandez de Kirchner, have discussed co-operation in nuclear power generation and oil exploration on Monday during a visit to Brazil by the Argentine President elect. Franklin Martins, Brazil's information minister indicated that the two were only talking about co-operation to see if there was common ground for future development. He went on to express the need for co-operation between Enarsa and Petrobras, focusing on deep water oil exploration. Natural gas also came up in discussions, including logistics with Bolivia on supply problems.
(100X Translation Service)
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