Falklands : Hydrocarbons Daily Record Sunday, 03 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.02.2008 (Article Archived on 17.02.2008)
Crude prices are lower due to the economic situation in the United States.
HYDROCARBONS DAILY RECORD SUNDAY, 03 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Sunday, 03 February 2008 Light Sweet Crude was trading at $88.96 down $2.74 on the New York Mercantile Exchange. Brent Crude was trading at $89.44 down $2.77 on London’s ICE Futures Market.
ANALYSIS:
Crude prices have droped ahead off the OPEC Meeting. The Economic situation in the United States has also helped prices to drop. Mosty people who buy hydrocarbons products will not notice any change downward in prices until there is a consistent drop in crude prices.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 01 February 2008.
TLW: 607.00 up 10.00, DES: 29.75 up 2.25, FOGL: 122.50 up 2.50, RKH: 49.75 unchanged, BOR: 42.00 unchanged, PRE: 14.00 unchanged, GBP: 7.36 unchanged, GPK: 427.50 down 7.50, BLT 1622.00 up 145.00, RDSA: 1797.00 up 6.00, RDSB: 1758.00 up 14.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.95 down 0.45 up 0.20 (Trading in USD)
THE MARKETS (01/02/08)
FTSE100: 6,029.20 up 149.42, FTSE250: 10,186.60 up 304.85 SmallCap: 3,167.30 up 44.26.
DJI: 12,743.19 up 92.83, NASDAQ: 2,413.36 up 92.83, S&P500: 1,395.42 up 16.87
INTERNATIONAL DEVELOPMENTS:
A new research has indicated that undersea vents are a non-biological source of oil and natural gas.
http://www.thaindian.com/newsportal/health/deep-ocean-vents-found-to-be-source-of-oil-and-natural-gas_10015731.html
REGIONAL DEVELOPMENTS:
(Argentina)
Refineries like Cartagena have been struggling as oil companies have been unable to pass the whole increase in the cost of crude to end consumers.
http://uk.reuters.com/article/oilRpt/idUKL3143149320080201
(Brazil)
Major Brazilian mining, logistics and energy group Companhia Vale do Rio Doce (Vale, previously known as CVRD) is reported to be preparing an offer of up to $90-billion for world number six mining group Xstrata.
http://www.miningweekly.co.za/article.php?a_id=125337
(Peru)
At least 15 people were hurt and a significant quantity of oil spilled Wednesday when a Peruvian navy tanker that was carrying crude for U.S.-owned BPZ Energy burst into flames and sank after an explosion.
http://www.tradingmarkets.com/.site/news/Stock%20News/1046550/
(Venezuela)
Venezuela has reached a compensation agreement with Total SA (TOT) and StatoilHydro (STO), stemming from the nationalization last year of a multi-billion dollar oil venture they controlled, a PdVSA official confirmed Thursday
http://money.cnn.com/news/newsfeeds/articles/djhighlights/200801311348DOWJONESDJONLINE000933.htm
Venezuela will pay $1.1 billion in compensation to StatoilHydro AS and France's Total SA for its nationalization of an oil project they previously controlled.
http://www.ogj.com/display_article/318951/7/ONART/none/DriPr/1/PDVSA-pays-Total,-StatoilHydro-for-Orinoco-assets/
LOCAL DEVELOPMENTS:
Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd agreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully carry Global's interest (20%) in those wells. In January 2007 the first well, Pomboo, was drilled. The second well is due to be drilled by July 2008 to comply with the L-7 licence work obligations. However current indications are that it is unlikely that Woodside will drill that well by the due date. Global has written to Woodside advising that if the well is not drilled, Woodside will be in breach of its obligations under the Farm-in Agreement. Global is taking further legal advice on this issue.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1697207&source=RNS
1 February 2008 – Global Petroleum Limited (AIM: GBP), which engages in the acquisition and exploration of petroleum and mineral properties, is pleased to announce the appointment of Blue Oar Securities Plc (“Blue Oar”) as its Nominated Adviser and Broker with immediate effect.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1698651&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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