Falklands : Hydrocarbons Daily Record Sunday, 10 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 10.02.2008 (Article Archived on 24.02.2008)
Geopolitical concerns in Nigeria have caused crude prices to increase significantly over the weekend.
HYDROCARBONS DAILY RECORD SUNDAY, 10 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 08 February 2008 Light Sweet Crude was trading at $91.77 up $3.66 on the New York Mercantile Exchange. Brent Crude was trading at $91.44 up $3.33 on London’s ICE Futures Market.
ANALYSIS:
Fears about the geopolitical situation in Nigeria have caused the price of crude to rise today. This does no good to the debate as to whether or not the US is in a recession. High crude prices have been the back breaking hair and soon those who can afford it will seek energy efficient alternatives. Those who can’t will buy less hydrocarbons products. Chances are that the tiger economies will also feel the pinch. This whole greedy scenario could be avoided if crude prices lowered significantly.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 08 February 2008.
TLW: 590.50 up 4.00, DES: 28.00 down 0.75, FOGL: 119.00 down 0.50, RKH: 48.50 unchanged, BOR: 30.25 down 0.25, PRE: 13.25 down 0.25, GBP: 7.13 unchanged, GPK: 427.00 up 3.00, BLT 1499.00 up 30.00, RDSA: 1724.00 up 3.00, RDSB: 1688.00 up 9.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 81.71 down 0.21 (Trading in USD)
THE MARKETS (07/02/08)
FTSE100: 5.724.10 down 151.27, FTSE250: 9,807.50 up 43.27 SmallCap: 3,140.10 up 24.00.
DJI: 12,182.13 down 64.87, NASDAQ: 2,304.85 up 11.82 S&P500: 1,311.29 down 5.62
INTERNATIONAL DEVELOPMENTS:
(North Sea)
Two North Sea oil rigs are being evacuated today after a woman claimed she had planted a bomb on one of the platforms. All of the workers on the accommodation platform the Safe Scandinavia have been moved to the neighbouring Britannia oil rig.
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/02/10/nrig210.xml
(Congo)
TULLOW Oil yesterday denied reports that it had pulled out of an exploration lease in the Congo.
http://www.independent.ie/business/irish/tullow-denies-congo-lease-pullout-1285881.html
(Alaska)
Spanish oil and gas group Repsol YPF has been awarded licences to explore for oil in 93 blocks in the Chukchi Sea, northwest of Alaska, Expansion newspaper reported at the weekend.
http://www.reuters.com/article/rbssEnergyNews/idUSL0972129520080210
REGIONAL DEVELOPMENTS:
(Bolivia)
Public participation, transparency, and accountability are key factors to determine the success of government operations, especially those intended to manage large sums of public revenue to spur national development. In addition, the continuation of investment and production in the gas and oil industry in Bolivia is a prerequisite to the continued flow of revenue.
http://ain-bolivia.org/index.php?option=com_content&task=view&id=114&Itemid=29
(Ecuador)
Ecuador's attorney general on Saturday urged the government to negotiate with oil firms to stop drilling for crude in a protected area deep in the Amazon jungle where Indian tribes hide from the outside world.
http://www.reuters.com/article/rbssEnergyNews/idUSN0955641620080210
(Venezuela)
Venezuela's Energy Minister, Rafael Ramirez, characterised a series of court orders obtained by Exxon Mobil Corp. in Britain, the Netherlands, and the Dutch Antilles, freezing up to $12 billion in assets of Venezuelan state oil firm PDVSA, as "judicial terrorism," in a statement today.
http://www.politicalaffairs.net/article/articleview/6462/1/314/
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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