Falklands : Hydrocarbons Daily Record Thursday, 14 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 14.02.2008 (Article Archived on 28.02.2008)
The economy is worse and higher crude prices aren't helping.
HYDROCARBONS DAILY RECORD THURSDAY, 14 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 14 February 2008 Light Sweet Crude was trading at $95.46 up $2.19 Cents on the New York Mercantile Exchange. Brent Crude was trading at $95.09 up $1.77 on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased sharply today when the US Federal Reserve chief, Mr Ben Bernanki, said that the economy is worse and that there were possibilities of a further interest rate decrease. Amazing is the scenario that causes prices to rise when an economic situation is getting worse. It is doubtful prices would lower if there were good financial news around. Traditionally someone who is out of work decreases expenditure to live through strict financial circumstances. Higher crude prices are not helping those who cannot afford the resulting hydrocarbons products. It’s time to think about $45 to $60.00 crude and alternative energy.
(Related Articles)
Wall Street retreated Thursday after Federal Reserve Chairman Ben Bernanke predicted the economy will grow at a "sluggish" pace before recovering later in the year and that banks' mortgage investments could lose more value. The Dow Jones industrial average fell more than 120 points.
http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD8UQAA3O2
Federal Reserve Chairman Ben Bernanke told Congress Thursday the economy is deteriorating and signalled a readiness to keep on lowering a key interest rate to shore things up.
http://ap.google.com/article/ALeqM5hrmK0A1bWGKEu9CNpBjssmBgOYaAD8UQBDSO1
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 14 February 2008.
TLW: 612.00 unchanged, DES: 31.50 up 2.00, FOGL: 120.00 up 1.00, RKH: 48.50 unchanged, BOR: 40.50 up 1.75, PRE: 12.50 down 0.75, GBP: 7.13 unchanged, GPK: 427.00 unchanged, BLT 1566.00 up 24.00, RDSA: 1796 down 5.00 RDSB: 1767.00 down 9.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.55 up 0.06 (Trading in USD)
THE MARKETS (14/02/08)
FTSE100: 5.879.30 down 0.76, FTSE250: 10,089.20 up 95.06 SmallCap: 3,203.90 up 31.39
DJI: 12,376.98 down 175.26, NASDAQ: 2,332.54 down 41.39 S&P500: 1,348.86 down 18.35
INTERNATIONAL DEVELOPMENTS:
(Titan)
Saturn's moon Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth, according to new data from the Cassini spacecraft
http://www.cbc.ca/technology/story/2008/02/14/science-titan-fuel.html
(Magellan Petroleum Corporation)
Magellan Petroleum Corporation reported a consolidated net loss of $9.7 million ($.23 per share) on gross revenues of $10.4 million in its fiscal second quarter ended December 31, 2007, as compared to a net loss of $8,000 ($.00 per share) on revenues of $8.4 million in last year's second quarter.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/NYTH08714022008-1.htm
(Emerald Energy)
Emerald Energy Plc is pleased to provide the following update on its Colombian operations for the period ending 31 December 2007 and its plans for 2008:
http://www.oilonline.com/news/headlines/ephotline/20080214.Emerald_.25278.asp
(Canada)
Calgary-based Enbridge said in a statement yesterday that it is evaluating strategic alternatives, including a sale, for the 25-per-cent stake that it owns in Compania Logistica de Hidrocarburos (CLH), Spain's largest pipeline company.
http://www.theglobeandmail.com/servlet/story/LAC.20080214.RENBRIDGE14/TPStory/Business
REGIONAL DEVELOPMENTS:
(Argentina)
Argentine conglomerate Grupo Eurnekian, in association with Brazilian investment fund GP Investimentos, has put in an offer to buy ExxonMobil Corp.'s (XOM) Esso downstream assets in South America, Argentine daily Clarin reported Thursday.
http://money.cnn.com/news/newsfeeds/articles/djf500/200802141018DOWJONESDJONLINE000768_FORTUNE5.htm
(Brazil)
Important information has been stolen from Brazil's state-run oil company, an official said Thursday, and one news site reported it was related to major gas and oil finds.
http://www.pr-inside.com/information-stolen-from-petrobras-reportedly-r438891.htm
Petroleo Brasileiro SA, Brazil's state-owned oil company, asked Mexico's oil monopoly to join it as a minority partner in a deepwater exploration project on the U.S. side of the Gulf of Mexico.
http://www.bloomberg.com/apps/news?pid=20601086&sid=ap0HGyWItgM8&refer=news
(Peru)
Many of Peru's state-owned companies could list on Lima's stock exchange under a plan to develop local capital markets and allow private funds to invest in state-run companies, the finance ministry said on Wednesday.
http://www.reuters.com/article/bondsNews/idUSN1335331920080213
(Venezuela)
Energy and Oil Minister and PDVSA president Rafael Ramirez said Wednesday that the state company will prove false the transnational enterprise's allegations that want to freeze assets valued at $12 billion.
http://www.escambray.cu/Eng/news/Wevenzuelaexxon0802141039.htm
LOCAL DEVELOPMENTS: Borders & Southern Petroleum plc "Borders & Southern" or "the Company" Completion of 3D Seismic Acquisition Borders & Southern Petroleum plc is pleased to announce the successful completion of its 3D seismic acquisition programme within its Production Licences south of the Falkland Islands. Petroleum Geo Services (PGS), using their vessel Ocean Explorer, acquired a total of 1492 square kilometres of full fold seismic data. This is the largest 3D survey to be acquired in the Falkland Islands to date and represents one of the most southerly 3D surveys in the world. The data was acquired without HSE incident, ahead of schedule and within budget. In addition to acquiring the seismic data, the Company had an onboard marine mammal observer to record wildlife activity. This data, together with the oceanographic measurements undertaken, will be incorporated into the Company's Environmental Impact Assessment. The processing contract for the 3D seismic has been awarded to PGS and testing of the data has already commenced. The full processing is anticipated to take approximately 5 months, however a fast track product will be delivered earlier. Commenting on the survey Howard Obee, CEO of Borders & Southern, said: "We are delighted to have finished the 3D acquisition ahead of schedule. Thanks are due to PGS along with our onboard QCs. This is a large survey for a company of our size, but it now gives us the best possible opportunity to fully assess the commerciality of our acreage". He added: "It's too early to comment on the analysis of the 3D, but the quality of the raw data appears very good and we're excited about receiving the processed data so that the detailed interpretation can get underway." For further information, please visit www.bordersandsouthern.com or contact: Borders & Southern Petroleum plc 020 7661 9348 Howard Obee, Chief Executive Panmure Gordon (UK) Limited 020 7459 3600 Katherine Roe Ocean Equities Ltd 020 7786 4370 Guy Wilkes Tavistock Communications 020 7920 3150 Clemmie Carr Simon Hudson This information is provided by RNS The company news service from the London Stock Exchange
Borders & Southern Petroleum PLC said it completed the 3D seismic survey in at Falkland Islands licences ahead of time.
http://www.hemscott.com/news/latest-news/item.do?newsId=60316373234904
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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