Falklands : Hydrocarbons Daily Record Wednesday, 13 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 13.02.2008 (Article Archived on 27.02.2008)
The inventory report from the US Department of Energy Administration caused mixed results for crude prices today.
HYDROCARBONS DAILY RECORD WEDNESDAY, 13 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 13 February 2008 Light Sweet Crude was trading at $93.27 down 49 Cents on the New York Mercantile Exchange. Brent Crude was trading at $93.32 up 36 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices closed mixed today due to the inventory reports. Analysts estimated the increases too highly and when the real increases were announced there was an element of disappointment. Threats of $200.00 crude are largely empty and have not caused prices to fluctuate widely.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 13 February 2008.
TLW: 612.00 up 2.50, DES: 29.50 up 2.75, FOGL: 119.00 down 0.50, RKH: 48.50 unchanged, BOR: 38.75 down 0.25, PRE: 13.25 unchanged, GBP: 7.13 unchanged, GPK: 427.00 unchanged, BLT 1542.00 down 13.00, RDSA: 1801.00 up 7.00 RDSB: 1776.00 up 5.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.49 up 1.1 (Trading in USD)
THE MARKETS (13/02/08)
FTSE100: 5.880.10 down 29.87, FTSE250: 9,996.10 down 44.08 SmallCap: 3,172.50 down 3.27
DJI: 12,552.24 up178.83, NASDAQ: 2,373.93 up 53.89 S&P500: 1,367.21 up 18.35
A BRIEF INVENTORY REPORT FOR THE WEEK ENDING 08 FEBRUARY 2008:
Crude: up 1.1 million barrels to 301.1 million barrels
Gasoline: up 1.7 million barrels to 229.2 million barrels
Distillates: down 100,000 barrels to 127.0 million barrels
Refinery Capacity: 85.1% up 0.8%
INTERNATIONAL DEVELOPMENTS:
(Titan)
Before we get too excited here, let's remember. There's still an energy problem. Global warming, too. Nobody's going to be importing oil substitutes from Titan anytime soon.
http://blog.wired.com/wiredscience/2008/02/titans-organic.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia’s natural gas industry appears to be on the rebound. Following the industry’s nationalization by President Evo Morales on May 1, 2006, concern about the business environment kept many companies away from La Paz. But over the past few months several companies have announced significant discoveries in Bolivian gas fields, and Brazil’s Petrobras, the country’s largest foreign investor, has agreed to ramp up its capital spending. The news should help Bolivia’s industry get back on track, although the gas-rich country will continue to miss export agreements in coming years. Furthermore, the ongoing separatist movement in eastern Bolivia continues to raise questions about whether Morales is capable of ensuring the country’s stability
http://www.energytribune.com/articles.cfm?aid=781
(Brazil)
Brazil’s Tupi discovery, which holds an estimated 5 to 8 billion barrels of recoverable oil and gas, could be just the beginning of the country’s sub-salt finds. In December, Petrobras announced that it was studying the potential of Tupi’s neighboring sub-salt layers after an investors’ report from financial services group UBS unveiled news of a major new structure in the area. Dubbed Sugar Loaf by UBS, it eclipses Tupi in size and has the potential to boost Brazil’s energy industry – especially Petrobras – to new heights.
http://www.energytribune.com/articles.cfm?aid=791
Faced with heavy oil (17 ºAPI) and ultra deepwaters Petrobras and Baker Hughes Centrilift installed a 1,200 HP electric submersible pump (ESP) capable of producing more than 22,000 b/d of oil in the JUB-6 well of Jubarte field, Brazil. At the Deep Offshore Technology International today, Ignacio Martinez of Baker Hughes described the project.
http://www.pennenergy.com/display_article/319993/9/PRARC/none/RGRPT/1/Ultra-deepwater-ESP-succeeds-off-Brazil/
(Chile)
The Chilean mining ministry expects to sign in April the nine oil and gas exploration and production contracts it awarded late last year, the mining minister said Tuesday.
http://money.cnn.com/news/newsfeeds/articles/djf500/200802121330DOWJONESDJONLINE000686_FORTUNE5.htm
(Colombia) Pacific Rubiales Energy Corp. (TSX: PEG) provided today an update on its continuous appraisal of the crude oil reserves in the Rubiales Field, as well as announced the awarding of a new exploration block in Colombia.
http://www.newswire.ca/en/releases/archive/February2008/12/c9450.html
(Ecuador)
Ecuadorean Oil and Mines Minister Galo Chiriboga and Petroecuador President Fernando Zurita traveled to Venezuela to visit the oil-rich Orinoco zone.
http://www.plenglish.com/article.asp?ID=%7B07E9FBE3-BECB-4482-9975-D9DAD54A0E57%7D&language=EN
(Venezuela)
Caracas, Feb 13 (Prensa Latina) Venezuela's willingness to negotiate oil projects with foreign companies is based on the country's sovereignty over natural resources, an inviolable principle in any contractual relation among companies.
http://www.plenglish.com/article.asp?ID=%7B4A106DBF-38DD-4566-A433-DCC311024EC3%7D)&language=EN
The Venezuelan state oil company PDVSA today announced the suspension of trade relations with the transnational Exxon Mobil in response to a court ruling attained by this company to freeze part of its assets.
http://www.granma.cu/ingles/2008/febrero/mier13/Venezuelan.html
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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