Falklands : Hydrocarbons Daily Record Monday, 03 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 04.03.2008 (Article Archived on 18.03.2008)
Why pump crude if people can't afford luxury hydrocarbons products?
HYDROCARBONS DAILY RECORD MONDAY, 3 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 03 March 2008 Light Sweet Crude was trading at $102.45 up $2.11 on the New York Mercantile Exchange. Brent Crude was trading at $100.48 up 38 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased sharply today before falling back, when OPEC announced that it would not be increasing production. Demand, OPEC estimates, would be 31.53 Million Barrels a day, adequate to not increasing production. Who can blame them? Why pump crude from the earth and have it too expensive for people in the street buy its end products? The price is extortionately high and demand will go down as hydrocarbons products soon will be luxury items.
OPEC ministers arriving in Vienna on Monday for an output policy meeting dismissed calls for more oil despite new record prices for crude of more than 100 dollars per barrel. OPEC's president, Algerian Energy Minister Chakib Khelil, said the 13-member cartel, which produces 40 percent of world oil, would not consider an output hike at its official meeting on Wednesday.
http://afp.google.com/article/ALeqM5glY315AQQc0rZ26LZOEQSwkrvyiQ
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 03 March 2008.
TLW: 627.00 down 0.50, DES: 66.50 up 0.25, FOGL: 130.00 down 4.50 RKH: 72.50 up 4.00, BOR: 65.25 down 0.50 PRE: 12.75 unchanged, GBP: 7.13 unchanged, GPK: 422.00 down 2.00, BLT 1625.00 down 5.00, RDSA: 1768.00 down 40.00 RDSB: 1742.00 down 39.00
New York Stock Exchange:
XOM: 87.75 up 0.74 (USD)
THE MARKETS (03/03/08)
FTSE100: 5,818.60 down 65.68, FTSE250: 10, 013.90 down 54.03 SmallCap: 3,224.30 down 27.61
DJI: 12,258.90 down 7.49 NASDAQ: 2,258.60 down 12.88 S&P500: 1,331.34 up 0.71
INTERNATIONAL DEVELOPMENTS:
Lundin has started the process of assessing potential farm-in partners for its SW Heather discovery in the UK Northern North Sea. Bids were due in by the end of February following a period of six weeks or so when a data room was open for suitors to examine information garnered on SW Heather.
http://www.thisisnorthscotland.co.uk/displayNode.jsp?nodeId=149212&command=displayContent&sourceNode=150624&contentPK=20040435&folderPk=85744&pNodeId=150607
(Research)
Carbon dioxide is the devil molecule of our time. Belched out from vehicle exhausts and power stations, it is the biggest contributor to global warming. As such it is universally recognised as a Bad Thing. Yet a pioneering band of researchers would like us to see it differently - as a valuable resource. They are developing a collection of technologies to retrieve some of the CO2 that would otherwise pollute the atmosphere, using its carbon atoms to form hydrocarbons. These could then be used as vehicle fuel, or as a feedstock to make plastics and other materials we now derive from oil. So could the expanding clouds of CO2 in our atmosphere really have a silver lining?
http://environment.newscientist.com/channel/earth/mg19726451.600-turning-cosub2sub-back-into-hydrocarbons.html
Dana Gas, the Middle East’s first and largest regional private-sector natural gas company, and Emirates General Petroleum Corporation (Emarat), have agreed to form a joint venture to own, manage and operate the Middle East first common user gas pipeline, which will be completed in March this year.
http://www.oilmarketer.co.uk/2008/03/03/dana-gas-emarat-sign-jv-agreement/
REGIONAL DEVELOPMENTS:
UniCredit said the joint venture agreement allowing Eni SpA to develop the Junin 5 block in the Orinoco belt in Venezuela has had a positive impact of 0.3-0.4 eur per share on its valuation, based on conservative assumptions.
http://www.euro2day.gr/articlesfna/60068454/
Brazilian oil major Petrobras is picking up a 40% stake in a Mahanadi deepwater block where ONGC has recently made another gas discovery. ONGC, which has 100% interest in the block, discovered gas for a third time there on December 23 last year.
http://economictimes.indiatimes.com/News/News_By_Industry/Energy/Petrobras_to_pick_40_in_ONGCs_Mahanadi_deepwater_gas_block/articleshow/2831819.cms
Construction-to-services firm Sacyr Vallehermoso (SVO.MC: Quote, Profile, Research) posted a 20 percent rise in full-year core earnings on Monday, in line with analysts' estimates, after a boost from its stake in Repsol YPF
http://www.reuters.com/article/rbssEnergyNews/idUSL034729820080303
Ecuador's state oil firm Petroecuador said Monday it finished repairs to the OPEC nation's 360,000 barrel-per-day SOTE pipeline and restarted pumping.
http://www.reuters.com/article/oilRpt/idUSN0332483720080303
LOCAL DEVELOPMENTS:
UK independent Rockhopper says it has identified five oil and gas plays with a recoverable reserves potential of billions of barrels offshore the Falkland Islands and that there is a "substantial increase" in drillable targets.
Moreover, drilling by Shell 10 years ago may have just have caught the edge of one of the targets as oil was encountered by two wells drilled in 1998, one of which resulted in oil being brought to the surface.
http://www.thisisnorthscotland.co.uk/displayNode.jsp?nodeId=149212&command=displayContent&sourceNode=150624&contentPK=20040439&folderPk=85744&pNodeId=150607
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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