Falklands : Hydrocarbons Daily Record Monday, 10 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 10.03.2008 (Article Archived on 24.03.2008)
FDR said if the Depression that there is nothing to fear but fear itself. This is a factor in the high price of crude today.
HYDROCARBONS DAILY RECORD MONDAY, 10 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 10 March 2008 Light Sweet Crude was trading at $106.88 up $1.73 on the New York Mercantile Exchange. Brent Crude was trading at $104.17 up $1.78 on London’s ICE Futures Market.
ANALYSIS:
I recall seeing news real extracts from the Depression era where Franklin D. Roosevelt exclaimed “there was nothing to fear but fear itself.” It seems as this is playing out as far as the price of crude is concerned. Investors need to twig at this and realise this severely extortionate price for crude won’t last. This year’s drive season in the US will tell the tale as I don’t think wages will rise enough for people to afford as much gasoline as they did last year at this time.
Those of us who can afford it have already invested in alternative energy and equipment – solar panels and wind energy are the most popular, with vehicles being run on batteries, natural gas and hydrogen beginning to appear on our streets.
Related Story:
Oil prices have set a new trading record of US$108.17 per barrel amid predictions that oil prices will stay in triple digits for the rest of the year.
http://www.newsroomamerica.com/business/story.php?id=411034
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 10 March 2008.
TLW: 633.50 down 2.50, DES: 71.50 down 4.25, FOGL: 127.50 up 2.50 RKH: 78.50 up 5.00, BOR: 56.75 down 5.00, PRE: 13.25 up 0.25, GBP: 6.75 down 0.13, GPK: 405.00 unchanged, BLT 1497.00 down 93.00 RDSA: 1710.00 up 9.00 RDSB: 1675.00 up 7.00
New York Stock Exchange:
XOM: 82.46 down 0.03 (USD)
THE MARKETS (10/03/08)
FTSE100: 5,629.10 down 70.81, FTSE250: 9,670.70 down 183.82 SmallCap: 3,153.50 down 19.27
DJI: 11,740.15 down 153.54 NASDAQ: 2,169.34 down 43.15 S&P500: 1,273.37 down 20.00
INTERNATIONAL DEVELOPMENTS:
(Austria)
BP is a joint venture partner in Bayernoil. Austria’s OMV, Italy’s Eni and Venezuela’s PDVSA are the other partners in the company which is selling one of its refineries. http://www.business-standard.com/common/news_article.php?leftnm=1&subLeft=1&chklogin=N&autono=316414&tab=r
(Timor Sea)
ENI said Monday it has made a new oil discovery in the Timor Sea, in an area jointly administered by Timor-Leste and Australia.
http://www.marketwatch.com/news/story/italian-oil-major-eni-makes/story.aspx?guid=%7BCDF7CCC1-977D-4F7F-9D74-33D7A9DE33AA%7D
(Russia and Uzbekistan)
Lukoil Overseas (a 100 per cent subsidiary of Lukoil) has completed a deal with Soyuzneftegaz to acquire 100 per cent of SNG Holdings Ltd, a group which includes Soyuzneftegaz Vostok Limited, which is a party (investor) to the PSA for the fields of South-West Gissar and the Ustyurt region in the Republic of Uzbekistan.
http://www.tradingmarkets.com/.site/news/Stock%20News/1182265/
(Norway)
StatoilHydro ASA has struck oil and natural gas with a wildcat exploration well drilled in the Arctic waters of the Barents Sea off Norway's northern tip.
http://www.tradingmarkets.com/.site/news/Stock%20News/1182068/
(India)
The government has postponed the last date of bidding for oil and gas blocks offered under the latest round of Nelp to April 25, even as industry cried foul at finance minister P Chidambaram’s proposal to end tax holidays for the sector.
http://www.financialexpress.com/news/Bidding-for-last-round-of-Nelp-blocks-extended-to-April-25/282697/
REGIONAL DEVELOPMENTS:
(Argentina and Brazil)
Facing blackouts and a looming South American winter, energy-gobbling Brazil and Argentina have an urgent message for their long-time natural gas supplier Bolivia: Step up production, and quick.
http://money.cnn.com/news/newsfeeds/articles/apwire/076dfff3feeae80b022be5ffc6859924.htm
(Brazil)
Brazil has declined to cede any natural gas shipments from Bolivia to Argentina, which is struggling to find more energy sources to avoid supply shortages that could derail its fast-growing economy.
http://www.miamiherald.com/business/story/448601.html
(Colombia)
Colombian rebels bombed an oil pipeline and Venezuelan President Hugo Chavez said he may seize assets of the neighbouring country's companies after a Colombian raid into Ecuador killed a rebel leader. The bombing and Chavez's nationalization threats may be the start of reprisals for the March 1 air raid on Ecuadorean soil that killed the second-in-command of Colombia's biggest guerrilla group. Escalation of the conflict could cut the more than $5 billion in annual trade between Venezuela and Colombia.
http://www.infoshop.org/inews/article.php?story=20080306154111607
(Chile)
Chile and Ecuador will join in exploring for oil in the Gulf of Guayaquil, visiting Ecuadorean President Rafael Correa said Monday.
http://www.iht.com/articles/ap/2008/03/10/business/LA-FIN-Chile-Ecuador-Oil.php
(Ecuador)
PetroEcuador, the country's state-owned oil company, plans to develop the heavy crude Pungarayacu oil field with Canada's Ivanhoe Energy, PetroEcuador President Fernando Zurita said. The field has estimated reserves of three to four billion barrels, he said during a press conference on March 7 in Quito. Ivanhoe rose 7.6 percent to C$1.70.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aGICIu.wwTWw&refer=canada
(Venezuela) Leading professionals in the heavy oil industry convene in Edmonton at the World Heavy Oil Congress beginning today to promote heavy oil technology development, foster relationships between supply and demand countries, educate industry personnel on unconventional approaches and environmental sustainability, and network with colleagues from around the globe.
http://www.newswire.ca/en/releases/archive/March2008/10/c2350.html
LOCAL DEVELOPMENTS:
Cynics may still scoff at talk of oil being found in the Falkland Islands but the share prices of the four Falkland oil prospectors listed on Aim have surged in recent weeks as retail investors whipped themselves up into something of a frenzy.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/10/cxmktrep110.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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