Falklands : Hydrocarbons Daily Record Sunday, 09 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.03.2008 (Article Archived on 23.03.2008)
Declining share prices, employment and production have helped crude prices to decrease.
HYDROCARBONS DAILY RECORD SUNDAY, 9 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 07 March 2008 Light Sweet Crude was trading at $1105.12 down 35 Cents on the New York Mercantile Exchange. Brent Crude was trading at $102.35 down 26 Cents on London’s ICE Futures Market.
ANALYSIS:
Factors contributing to high crude prices include a poor employment report, declining share prices and OPEC’s decision not to increase production. In this drive season it is expected that people will be conservative with fuel used in order to help make ends meet. OPEC has often said that there is enough crude around to meet demand. I feel that with fewer people around to buy highly priced fuel they could be right. Declining demand is the weapon that will drive the price down. What will keep it down is more people switching to cost-effective alternatives and using them instead of hydrocarbons products.
Record high oil prices notwithstanding, the Organization of Petroleum Exporting Countries said that its members wouldn’t boost production to rescue a U.S. economy that’s suffering from what it labelled as self-inflicted “mismanagement.”
http://www.rutlandherald.com/apps/pbcs.dll/article?AID=/20080309/NEWS/271106602/1024/NEWS04
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 07 March 2008.
TLW: 636.00 down 6.00, DES: 75.75 up 0.50, FOGL: 125.00 down 1.50 RKH: 73.50 down 2.50, BOR: 61.75.00 down 2.00, PRE: 13.00 up 0.25, GBP: 6.88 unchanged, GPK: 405.00 unchanged, BLT 1590.00 down 90.00 RDSA: 1701.00 down 31.00 RDSB: 1668 down 33.00
New York Stock Exchange:
XOM: 82.49 down 2.02 (USD)
THE MARKETS (07/03/08)
FTSE100: 5,699.90 down 66.49, FTSE250: 9,853.70 down 137.14 SmallCap: 3,172.80 down 57.92
DJI: 11,893.69 down 146.70 NASDAQ: 2,212.49 down 8.01 S&P500: 1,293.97 down 10.97
INTERNATIONAL DEVELOPMENTS:
(Norway)
Hydrocarbons have been proven in the Obesum prospect in 364 m (1,194 ft) of water in the Barents Sea. StatoilHydro is the operator and has 100% interest in the license. This is the fourth find on StatoilHydro-operated licenses on the Norwegian continental shelf in 2008
http://www.pennenergy.com/display_article/322386/9/PRARC/none/DRLCM/1/Obesum-prospect-proves-hydrocarbons/
(Spain and Argentina)
Global media attention for the drawn-out White House race has eclipsed news of the election cycle in Spain, where the struggle to win the March 9 election has also been highly contentious. Campaigning was cut short due to the murder of a former politician from the ruling Spanish Socialist Workers’ Party, a crime blamed on Basque separatist group Eta and which raised the specter of the Madrid train bombing that occurred days before the 2004 presidential election. Prior to the assassination, opposition leader Mariano Rajoy of the conservative Popular Party (PP) attempted to chip into President Jose Luis Rodriguez Zapatero’s lead in the polls by attacking his rival on issues including immigration and the country’s flagging economy.
http://www.as-coa.org/article.php?id=939
REGIONAL DEVELOPMENTS:
(South America General)
Naturally both on and offshore data has been checked and updated, but for this new edition they’ve also fully revised the pipeline infrastructure and added much important new information. For example, this includes details on Brazil’s 5th round ‘cell’ blocks on offer, plus new concession areas in Venezuela, Mexico, Trinidad, the Falkland Islands and Peru, all of which are highly interesting areas for exploration. There is also a new inset map for Trinidad and Tobago, which will be of special use for monitoring current deepwater drilling activity in the area. The South American oil and gas scene is getting bigger by the year, and this new map will keep you in the picture.
http://www.prminds.com/pressrelease.php?id=5694
(Argentina)
Argentina's Acting President Julio Cobos on Friday expressed his country's willingness to actively develop its strategic partnership with China. At the Mendoza grape wine festival here, Cobos told Xinhua that in recent years, bilateral trade between the two nations has developed so rapidly that China has now become Argentina's largest trade partner in Asia, while an increasing investment by Chinese enterprises in Argentina has created a large number of job opportunities for local people.
http://news.xinhuanet.com/english/2008-03/08/content_7746167.htm
(Brazil)
SKSBF | news | PowerRating | PR Charts -- March 7, 2008 (FinancialWire) Skanska (OTC: SKSBF | news | PowerRating | PR Charts ) has secured a contract to build a hydrodesulphurization unit at a refinery in Brazil. Skanska's contract amount totals $150 million, which is included in order bookings for the first quarter.
http://www.tradingmarkets.com/.site/news/Stock%20News/1181263/
(Colombia)
Colombian rebels bombed an oil pipeline and Venezuelan President Hugo Chavez said he may seize assets of the neighboring country's companies after a Colombian raid into Ecuador killed a rebel leader.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aEljU.u2BFGc&refer=latin_america
(Ecuador)
Ecuador has concluded negotiations with foreign oil companies to increase state control of their operations and the new contracts will go to President Rafael Correa for ratification, a top government negotiator told Reuters on Saturday.
http://uk.reuters.com/article/oilRpt/idUKN0837589420080309
PetroEcuador, the country's state-owned oil company, plans to develop the heavy crude Pungarayacu oilfield with Ivanhoe Energy Inc., a Canadian oil and natural- gas producer, PetroEcuador President Fernando Zurita said. The field has estimated reserves of three to four billion barrels, he said during a news conference Friday in Quito.
http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=75a62116-fc8c-40c5-91a9-657ecaaff801
(Venezuela)
A year after President Hugo Chávez called on the state oil company (Petróleos de Venezuela S.A. - PDVSA) to renegotiate oil contracts in the heavy oil producing Orinoco region, international legal action has heated up.
http://www.as-coa.org/article.php?id=938
Solidarity campaigners rallied on Tuesday March 4th to defend Venezuela's oil resources from greedy transnational ExxonMobil at the Royal Courts of Justice in central London.
http://www.venezuelanalysis.com/news/3252
The usual defense of Chavez, to the extent that there is one, is that he may be wrecking his country's economy, but at least he's helping the poor. Foreign Affairs has an essay by Francisco Rodriguez, the chief economist of the Venezuelan National Assembly from 2000 to 2004, saying that no, Chavez isn't doing that, either:
http://meganmcardle.theatlantic.com/archives/2008/03/does_hugo_chavez_help_the_poor.php
Caracas, March 7 ABN.- The Presidents of Venezuela, Hugo Chávez, and Argentina, Cristina Fernández de Kirchner, signed bilateral agreements in several fields, an action that ratify the cooperation ties between both countries
http://mathaba.net/news/?x=584610
LOCAL DEVELOPMENTS:
The inhabitants of the Falkland Islands are preparing for a South Atlantic oil rush which they hope will make them among the richest people in the world.
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/03/09/wfalk109.xml
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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