Falklands : Hydrocarbons Daily Record Thursday, 03 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 04.04.2008 (Article Archived on 18.04.2008)
Crude prices declined today on profit taking. The trend is to sell off when there are significant gains but crude prices don’t seem to be dropping significantly.
HYDROCARBONS DAILY RECORD THURSDAY, 03 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Thursday, 03 April 2008 Light Sweet Crude was trading at 103.83 down $1.00 on the New York Mercantile Exchange. Brent Crude was trading at $102.52 down $1.23 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today on profit taking. The trend is to sell off when there are significant gains but crude prices don’t seem to be dropping significantly. Crude prices at this level are extortionate and crippling the economy with the crunch coming when employment statistics are released soon. Unless this trend ceases traditional confidence in hydrocarbons products as the energy generation method of choice will decrease sharply in favour of alternative energy like wing and/or solar generation.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 03 April 2008.
TLW: 649.00 up 11.00, DES: 71.50 down 1.50, FOGL: 121.50 down 2.00, RKH: 85.00 down 1.00, BOR: 62.50 up 0.50, PRE: 12.00 unchanged, GBP: 7.00 down 0.13 GPK: 386.50 unchanged, BLT 1560.00 up 32.00 RDSA: 1776.00 up 19.00 RDSB: 1746.00 up 45.00
New York Stock Exchange:
XOM: 88.23 down 0.29 (USD)
THE MARKETS (03/04/08)
FTSE100: 5,891.30 down 24.64, FTSE250: 10,177.20 down 194.82 SmallCap: 3,096.00 down 10.61
DJI: 12,626.03 up 20.20 NASDAQ: 2,363.30 up 1.90 S&P500: 1,369.31 up 1.78
INTERNATIONAL DEVELOPMENTS:
(Gulf of Mexico)
Eni has made a new find in the deep waters of the Mexican Gulf. The wildcat well Kodiak-1, a note explains, is situated in the permit Mississippi Canyon 771, around 95km off the coast of Louisiana, in water around 1,500m deep. The well, pierced at a depth of 9,500m, has revealed over 150m of hydrocarbons distributed on various sandy levels. The acquired data will now be studied.
http://www.agi.it/business/news/200804031959-ene-ren0097-art.html
REGIONAL DEVELOPMENTS:
(Argentina)
BUENOS AIRES, Apr 3 (IPS) - A new ECLAC study highlights Argentina’s robust economic recovery in the past five years, and signals an opportunity to progress towards a model that adds value to raw materials, which make up most of the country’s exports.
http://www.ipsnews.net/news.asp?idnews=41851
(Bolivia)
Political conflict between President Evo Morales and opposition leaders has not affected oil and gas investment plans in Bolivia, a major natural gas supplier to Argentina and Brazil, an industry leader said on Thursday.
http://uk.reuters.com/article/oilRpt/idUKN0347853220080403
(Colimbia)
Colombia's state oil firm, Ecopetrol, expects output to rise to 1 million barrels per day in 2015, from 400,000 bpd last year, helping the country put off becoming a net crude importer, the company said at the Reuters Latin America Investment Summit on Tuesday.
With fields under exploration off Colombia's Caribbean coast and internationally, company President Javier Gutierrez said production estimates are rising.
http://www.reuters.com/article/LatinAmericanInvestment08/idUSN0127902220080402
Colombia has invited operators to bid for 43 blocks in its latest licensing round, with contracts expected to be signed with successful applicants by October.
The acreage, spanning over 7 million hectares, are in the natural gas-prone Sinu North area; Cesar Rancheria area, which is also gas prone and holds the potential for unconventional gas; Cordillera area, a frontier province; and Crudos Pesados West, a heavy oil region.
Armando Zamora, director general of Colombia's National Hydrocarbons Agency (ANH), told delegates at the London roadshow that 17 blocks were on offer in the heavy oil zone. "According to a study by Halliburton, it is estimated to hold 20 billion bbl of oil in place." Seventeen fields have been discovered near the blocks and three petroleum systems have been found in the basin.
http://www.ogj.com/display_article/324747/7/ONART/none/ExplD/1/Colombia-offers-43-blocks-in-licensing-round/
(Ecuador)
Ecuador's state oil company, Petroecuador, said on Thursday it will seek to end a contract with Petrobras (PETR4.SA: Quote, Profile, Research) in a dispute that could lead eventually to a takeover of the Brazilian company's assets in Ecuador.
http://www.reuters.com/article/rbssEnergyNews/idUSN0330007320080403
A court-appointed expert in Ecuador has recommended that Chevron Corp. pay $7 billion to $16 billion if it loses a marathon lawsuit over oil-field contamination in the Amazon rain forest. The estimate, contained in a report filed Tuesday in an Ecuadoran court, marks the latest twist in a bitterly fought case that has drawn international attention, with each side accusing the other of deception and dirty tricks.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/03/BU8AVUOAE.DTL
(Venezuela)
CARACAS, April 3 (Reuters) - Venezuela's Congress on Thursday gave initial approval to a windfall oil tax that extends leftist President Hugo Chavez's campaign to increase government revenue from the OPEC nation's oil industry. The tax will tap into private company profits amid record oil prices above $100 per barrel, giving Chavez additional funds to shore up his self-styled socialist revolution and stepping up his confrontation with global energy giants. A statement on the legislature's Web site said the measure will "readjust the excessive benefits of foreign investors that are above the reasonable levels of profitability."
http://www.guardian.co.uk/feedarticle?id=7435275
LOCAL DEVELOPMENTS:
One of the club's most recent purchases is Borders & Southern Petroleum, a Falkland Islands oil and gas explorer listed on Aim. Members bought 741 shares at ...
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/03/cmclub03.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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