Falklands : Hydrocarbons Daily Record Monday, 11 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 12.02.2008 (Article Archived on 26.02.2008)
Hugo Chavez' empty threats helped to increase the price of crude today.
HYDROCARBONS DAILY RECORD MONDAY, 11 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 11 February 2008 Light Sweet Crude was trading at $93.59 up $1.82 on the New York Mercantile Exchange. Brent Crude was trading at $93.25 up $1.59 on London’s ICE Futures Market.
ANALYSIS:
Oil futures shot higher for the third straight day Monday as concerns about potential overseas supply disruptions overshadowed worries about the cooling economy.
http://canadianpress.google.com/article/ALeqM5h57WRRW_IztTTKq-8Y_xDnakZiYg
ALL SET FOR $200.00 CRUDE?
We’ve heard the $200.00 per barrel crude threat before and each time it is voiced prices rise sharply. Today prices spiked – up at least $2.00 on threats voiced by Venezuelan President, Hugo Chavez.
Economically, high crude prices won’t do middle to poor income families any good, with even more wealthy families choosing to cut non-essential journeys and reduce other energy consumption to save money. Demand in tiger economies will suffer the same problem when families are faced with ever-increasing energy bills.
People needing to travel, keep their houses warm and lighted will seek alternative, non hydrocarbons based energy sources. Already the technology is making an impact on some communities with alternative fuel being used in vehicles and wind/solar power used for heating and lighting.
$200.00 crude will speed things up for those wanting to use alternative energy.
In case those threatening to increase crude prices haven’t noticed, those who suffer from $200.000 crude are people socialist governments vow to protect – the nation’s poor. Those who cannot afford hydrocarbons products at $90.00 per barrel, let alone $200.00 will be most affected and the odd generous gift of cheaper heating fuel for a selected few poor neighbourhoods just won’t cut it.
It’s time to think about $45.00 to $60.00 crude for a change. No one wants to go back to crude at $10.00 per barrel. More people on the lower end of the economic scale will benefit if crude prices are not extortionately high as they are today.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 11 February 2008.
TLW: 593.00 up 2.50, DES: 27.00 down 1.00, FOGL: 119.50 up 0.50, RKH: 48.50 unchanged, BOR: 39.00 down 0.25, PRE: 13.25 unchanged, GBP: 7.13 unchanged, GPK: 427.00 unchanged, BLT 1488.00 down 18.00, RDSA: 1717.00 down 7.00, RDSB: 1686.00 down 4.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 83.22 up 1.51 (Trading in USD)
THE MARKETS (11/02/08)
FTSE100: 5.707.70 down 76.31, FTSE250: 9,735.40 down 72.11 SmallCap: 3,120.70 down 19.36.
DJI: 12,240.01 up 57.88, NASDAQ: 2,320.06 up 15.21 S&P500: 1,339.13 up 7.84
INTERNATIONAL DEVELOPMENTS:
(Arctic Seabed)
Arctic Oil & Gas Corp. an oil exploration venture company that has filed for the exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the "Arctic Claims," is pleased to provide shareholders with data and commentary on the Arctic Commons.
http://www.pr-usa.net/index.php?option=com_content&task=view&id=69449&Itemid=9
(Spain)
Aker Kvaerner has been awarded its first subsea contract from Spanish oil company Repsol YPF. The deal is for the delivery of a subsea production system to the Montanzo and Lubina projects off the east coast of Spain.
http://www.norwaypost.no/cgi-bin/norwaypost/imaker?id=129630
(Gas Hydrates)
Gas hydrates are a naturally occurring, ice-like combination of natural gas and water found in the world's oceans and polar regions. Its natural gas accumulations are estimated to greatly exceed the volume of all known conventional (commercial) gas resources. Currently, the technical challenges of realizing them as a resource are substantial.
http://spatialnews.geocomm.com/dailynews/2008/feb/07/news6.html
(Other Business Developments)
P2 Energy Solutions, a leading provider of business software and outsourcing services to the oil and gas industry, announces that Classic Hydrocarbons Inc., based in Fort Worth, Texas, has implemented its Petroleum Financial (PFI) outsourcing solution to manage its growing land and accounting needs.
http://www.foxbusiness.com/article/classic-hydrocarbons-contracts-p2-energy-solutions-petroleum-financial_466478_1.html
REGIONAL DEVELOPMENTS:
(Argentina)
Zarubezhneft will take part in a tender for a non-controlling package in one of four plots that will be sold this year by the Argentine state company Enarsa (Energia Argentina SA). Exploration of the plots are at the very initial stages and it is not yet even known whether there is oil or gas on the site. Enarsa owns 62 blocks.
http://www.kommersant.com/p851390/r_529/hydrocarbon_production/
(Brazil)
Brazil's state oil company Thursday said it would not comment on production estimates made by Britain's BG Group for the recently discovered Tupi field.
http://www.pr-inside.com/petrobras-does-not-confirm-output-estimate-r427261.htm
(Ecuador)
Attorney General Xavier Garaicoa urged oil companies from China, Brazil, Spain and Ecuador to pull up their stakes from an Amazonian natural preserve to prevent "environmental and social problems."
http://afp.google.com/article/ALeqM5go9MzbI9htu0RH8yfeNILVDMkKVg
Ecuador said on Thursday it will fine Spanish oil firm Repsol up to $100,000 for not reporting on time an oil spill near the country's largest rain forest park, home to rare tropical species and Indian tribes.
http://uk.reuters.com/article/environmentNews/idUKN0739629720080207
Ecuadorian state generator Termopichincha and Argentine state energy company Enarsa on Thursday (Feb 7) will establish a JV to build the 1.5GW Coca Codo Sinclair hydro project in Ecuador.
http://www.bnamericas.com/news/electricpower/Termopichincha,_Enarsa_join_for_1,5GW_Coca_Codo_Sinclair
(Venezuela)
The popularity of Venezuela's anti-American President Hugo Chavez has wavered over food shortages and crime but may be boosted by a legal battle with Exxon Mobil over compensation for a nationalized oil project.
http://www.reuters.com/article/bondsNews/idUSN1163004820080211
NEW YORK, Feb 7 (Reuters) - Exxon Mobil Corp has won a court order freezing over $300 million belonging to Venezuela's state oil company ahead of a multibillion dollar arbitration case over the state's nationalization of a huge oil project, according to a court filing.
http://www.guardian.co.uk/feedarticle?id=7291123
A USD 1 billion credit line granted to Venezuela's oil giant Pdvsa by a holding of banks through French BNP Paribas was extended for another 12 months, following maturity of the initial term last January 30.
http://english.eluniversal.com/2008/02/07/en_eco_art_pnb-paribas-extends_07A1351521.shtml
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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