Falklands : Hydrocarbons Daily Record Tuesday, 25 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 25.03.2008 (Article Archived on 08.04.2008)
Today’s crude price rises are due to the sinking US dollar and anticipation over the inventory report from the US Department of Energy Administration due out on Wednesday.
HYDROCARBONS DAILY RECORD TUESDAY, 25 MARCH 2008
By J. Brock (FINN)
At 1900hrs LMT on Tuesday, 25 March 2008 Light Sweet Crude was trading at $101.32 up 36 Cents on the New York Mercantile Exchange. Brent Crude was trading at $100.60 up 74 Cents on London’s ICE Futures Market.
ANALYSIS:
Today’s crude price rises are due to the sinking US dollar and anticipation over the inventory report from the US Department of Energy Administration due out on Wednesday. It seems more like investors won’t be letting go of their energy stocks until they realise profit from them. While this goes on there will be no let up from $100.00 crude regardless of demand, which is falling off because people fear for their jobs and are economising by cutting down on their energy consumption. The drive season this northern summer will tell the tale. When people forgo holidays and weekend leisure to save their pennies demand will go down.
(Related Stories)
(Light Sweet Crude)
The Organization of Petroleum Exporting Countries and the International Energy Agency on Tuesday underscored the importance of ensuring oil market stability by continuing to strengthen dialogue between oil-consuming and oil-producing nations.
OPEC Secretary General Abdalla Salem el-Badri met Nobuo Tanaka, executive director of the Paris-based energy watchdog for major industrialized nations, to discuss recent oil market developments, the impact of financial markets, and the outlook for investment in the sector, as well as other issues, the two organizations said in a joint statement.
http://www.cattlenetwork.com/content.asp?contentid=207925
(Brent Crude)
Crude oil fell a fourth day on signs the slowing U.S. economy will curb demand in the world's largest energy consuming country.
Home prices in 20 metropolitan areas fell in January by the most on record, a sign the housing recession is deepening, a private survey showed today. U.S. crude oil supplies probably gained last week as imports rebounded and refiners performed seasonal maintenance, according to a Bloomberg News survey.
http://www.bloomberg.com/apps/news?pid=20601103&sid=a7tk1NHBXqag&refer=news
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 25 March 2008.
TLW: 648.50 up 31.00, DES: 70.50 down 0.75, FOGL: 124.50 up 4.50 RKH: 77.50 up 3.00, BOR: 62.00 up 4.00 PRE: 12.00 unchanged, GBP: 7.50 up 0.38 GPK: 388.00 unchanged, BLT 1430.00 up 69.00 RDSA: 1683.00 up 48.00 RDSB: 1638.00 up 40.00
New York Stock Exchange:
XOM: 85.20 down 0.25 (USD)
THE MARKETS (25/03/08)
FTSE100: 5,689.10 up 193.86, FTSE250: 9,794.60 up 346.24 SmallCap: 3,013.90 up 35.61
DJI: 12,532.60 down 16.24 NASDAQ: 2,341.05 up 14.30 S&P500: 1,352.99 up 3.11
INTERNATIONAL DEVELOPMENTS
(Australia)
March 25 (Bloomberg) -- Woodside Petroleum Ltd., Australia's second-largest oil and gas producer, said a delay in the start-up of BHP Billiton Ltd.'s $1.1 billion Neptune oil and gas project in the U.S. will reduce forecast production.
http://www.bloomberg.com/apps/news?pid=20601081&sid=aCCqOHJMajYI&refer=australia
(Canada)
Vancouver, BC - New Shoshoni Ventures Ltd. is pleased to announce that it has completed drilling of the 16-25-79-17 W6M well located in the Sunrise Natural Gas Field. Drilling was completed on March 11, 2008 at 21:00 hours. The well was drilled to a depth of 1285 meters and was subsequently logged and evaluated for hydrocarbon shows. The logs indicated hydrocarbons to be present in both the Paddy and Bluesky formations.
http://www.oilandgasonline.com/content/news/article.asp?DocID=%7B6C319867-5E86-4BB5-91F2-F821B4F60B68%7D&Bucket=Current+Headlines&VNETCOOKIE=NO
(Cuba)
Imagine oil rigs drilling in deep waters just 60 kilometres off the coast of South Florida. Refineries process the oil in Cuba and sell it across the Caribbean and beyond. Canadian and Mexican companies supply billions of dollars in equipment and services.
This could happen, as Havana invites foreign companies to explore its probable oil and natural gas reserves while Washington's embargo against the Communist-led island keeps U.S. companies locked out.
http://www.canada.com/edmontonjournal/news/business/story.html?id=c0ab7129-b4ae-4a78-8f4b-e15ad0f1b63c
(Hydrocarbons General)
Plenary sessions will be the main attractions of the 19th World Petroleum Congress. Seven crucial topics will be discussed by an outstanding line-up of oil and gas experts from national and international companies, government bodies and other institutions.
http://www.fibre2fashion.com/news/company-news/qatar-petroleum/newsdetails.aspx?news_id=52766
REGIONAL DEVELOPMENTS:
(Argentina)
BNamericas reported that Argentine steel tube and equipment producer Siat has won a tender to supply pipes to state energy company Enarsa.
http://steelguru.com/news/index/2008/03/22/Mzk5NjI%3D/Siat_secures_Enarsa_pipe_supply_contract.html
(Bolivia, Brazil and Venezuela)
The President of the Bolivarian Republic of Venezuela, Hugo Chávez, and the Brazilian President, Luis Inácio Lula Da Silva, will hold a meeting this week to talk about the bilateral accords signed between both nations.
http://mathaba.net/news/?x=586529
(Colombia)
Research and Markets (http://www.researchandmarkets.com/reports/c86679) has announced the addition of "ECOPETROL S.A. Oil and Gas Assets Report" to their offering.
- Global Market Direct's ECOPETROL S.A. Oil and Gas Assets Report is an essential source for company data and information. The report examines ECOPETROL S.A. 's key business structure and operations, history and products, and provides summary analysis of its key revenue lines and strategy. It provides a unique insight into the company's major oil and gas assets and their historic performance.
http://www.streetinsider.com/Press+Releases/New+ECOPETROL+S.A.+Gas+and+Oil+Assets+Report+Now+Available/3485236.html
(Colombia and Spain)
• CEPSA has acquired exploration and production rights from Hupecol Caracara LLC on a block located in the Los Llanos Basin in central Colombia.
• Once all the required regulatory approvals have been obtained, CEPSA will assume operatorship of the Block, with a 70% stake, the remaining 30% held by the Colombian national oil company ECOPETROL. • This transaction fits into CEPSA’s Strategic Plan, one of the targets being to slightly raise the Company’s current level of reserves and production. CEPSA Colombia S.A., a wholly-owned subsidiary of CEPSA, has signed a Purchase and Sale Agreement with Hupecol Caracara LLC, an affiliated entity of Houston American Energy Corp., to acquire the Caracara Block, located to the south of the Los Llanos Basin in central Colombia.
http://www.euro-petrole.com/ne_03_actualite_i_details.php?idNews=1992
(Venezuela)
Venezuela will impose a new tax on oil companies for their "unexpected earnings" from the soaring global oil prices, President Hugo Chavez said Monday.
http://news.xinhuanet.com/english/2008-03/25/content_7855217.htm
(Venezuela and Brazil)
Brazilian President Luiz Inacio Lula da Silva and Venezuelan President Hugo Chavez may sign an agreement tomorrow to formalize a $4.5 billion joint venture in a heavy-oil refinery outside Recife in Brazil's Northeast.
http://www.bloomberg.com/apps/news?pid=20601086&sid=adVTT2W00kMk&refer=latin_america
LOCAL DEVELOPMENTS:
Several suggestions have come in as to who Desire’s farmin partner is. At the moment we await Executive Council where there might be a clue as to who this partner is. HDR won’t be speculating as it could lead to that all important deal falling through. We won’t be holding our breath either.
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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