Falklands : Hydrocarbons Daily Record Sunday, 13 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 13.04.2008 (Article Archived on 27.04.2008)
Crude prices are up today due to the OPEC statement about not increasing production due to softer demand from the United States.
HYDROCARBONS DAILY RECORD SUNDAY, 13 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Friday, 11 April 2008 Light Sweet Crude was trading at $110.14 up 3 Cents on the New York Mercantile Exchange. Brent Crude was trading at $108.75 up 55 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices are up today due to the OPEC statement about not increasing production due to softer demand from the United States. They are right because fewer Americans will be able to afford hydrocarbons products than they did last year at this time.
Related Article
Referring to statements made by OPEC President Chakib Khelil, there has never been a shortage of petroleum; mismanagement of the U.S. economy is to blame. We can also blame the fortune tellers, called future traders, as some of the main culprits.
http://www.timesheraldonline.com/ci_8911645
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 11 April 2008.
TLW: 688.00 up 16.00, DES: 82.50 up 7.00, FOGL: 119.50 up 0.50, RKH: 101.00 up 13.50, BOR: 65.25 up 2.00, PRE: 11.50 down 0.25, GBP: 6.50 down 0.38 GPK: 381.00 down 1.00, BLT 1746.00 down 12.00 RDSA: 1846.00 down 7.00 RDSB: 1820.00 down 7.00
New York Stock Exchange:
XOM: 88.62 down 0.93 (USD)
THE MARKETS (11/04/08)
FTSE100: 5,895.50 down 69.59, FTSE250: 9,931.40 down 81.55 SmallCap: 3,092.60 up 14.51
DJI: 12,325.42 down 256.56 NASDAQ: 2,209.24 down61.46 S&P500: 1,332.83 down 27.72
INTERNATIONAL DEVELOPMENTS:
(Saudi Arabia)
The South Rub al-Khali (Srak) exploration company has received a crucial 18-month extension from the Petroleum & Mineral Resources Ministry, which will allow it to complete its seven-well drilling programme in the Empty Quarter. It is understood to be the only extension granted to date. Similar requests have been made by Sino Saudi Gas, a joint venture of China's Sinopec and Saudi Aramco; and EniRepSa, which includes Italy's Eni, Spain's Repsol and Aramco (MEED 16:11:07). The exploration programme is seen as an important element in Saudi plans to develop its gas resources, which in turn will allow greater industrial diversification of the economy.
http://www.meed.com/news/2008/04/riyadh_extends_srak_drilling_deadline_for_empty_quarter.html
(Dirty Air Data?)
FRESNO, Calif. - An astonishing fact is buried in dirty-air data: Trees and plants in California's San Joaquin Valley produce far more hydrocarbons than vehicles do. In the summer, crops, trees, lawns and the rest of nature release 360 tons daily of the key smog component.
http://www.azcentral.com/news/articles/2008/04/13/20080413env-smog0413.html
(India)
Mumbai: Mukesh Ambani owned Reliance Industries Limited (RIL), is reportedly in talks with global oil and gas companies to divest up to a 10-per cent stake in its D6 gas block in the Krishna-Godavari (KG) for deep water exploration.
http://www.domain-b.com/companies/companies_r/Reliance_Industries/20080411_deep_water.html
(Iraq)
AMMAN -(Dow Jones)- Iraq will announce Monday those international companies qualified to bid for tenders to develop one of the world's largest oil fields, an Iraqi oil ministry official said Friday.
"Names of qualified companies will be announced on Monday at 12 o'clock local time (0900 GMT)," the official told Dow Jones Newswires by telephone from Baghdad.
http://money.cnn.com/news/newsfeeds/articles/djf500/200804111446DOWJONESDJONLINE000881_FORTUNE5.htm
REGIONAL DEVELOPMENTS:
(Bolivia)
The official decrees empower YPFB to promote, implement and develop studies and projects through out Bolivia and overseas and plan public and private ...
(Note: Prensa Latina require registration)
http://www.plenglish.com/article.asp?ID=%7B8051D2C8-3724-40BD-8312-D3E896D68F65%7D)&language=EN
(Colombia)
By Business News Americas staff reporters Colombian state oil company Ecopetrol has closed the deal to acquire local polypropylene producer Propilco for ...
http://www.bnamericas.com/sector_home.jsp?sector=12&idioma=I¬icia=430286
(Ecuador)
Two Ecuadoreans who have waged a 14-year fight to bring a U.S. energy giant to account for what they allege is massive oil contamination in the Amazon are among the winners of an international environmental prize. Pablo Fajardo Mendoza and Luis Yanza each will receive $150,000 today from the San Francisco-based Goldman Environmental Prize for organizing half a dozen indigenous communities to pursue legal action against Texaco and then Chevron Corp. after the two companies merged in 2001.
http://www.latimes.com/news/nationworld/world/la-fg-amazon13apr13,1,5347789.story
Ecuador paid Occidental Petroleum Corp. $100 million Friday to partially settle a tax dispute, a spokesman for the country said. Victor Carvajal, a spokesman for Ecuador’s Finance Ministry, told Bloomberg News that Ecuador paid the Los Angeles-based oil company after it stripped it of its oil concession in 2006 over an alleged contract breach.
http://www.petroleumworld.com/story08041407.htm
(Peru)
WITHIN a decade, says Peru's prime minister, Jorge del Castillo, his country will be a net exporter of energy. While other Latin American governments are tightening the screws on foreign investment in oil and gas, Peru is courting it. It has opened up swathes of the country to exploration, and is encouraging the $1 billion modernisation of a state-run oil refinery and the construction of an export terminal for a huge liquefied natural gas project, which would be the biggest investment in Peruvian history.
http://www.economist.com/business/displaystory.cfm?story_id=11023252
(Venezuela)
CARACAS (Venezuela): Venezuela’s Petroleum and Energy Minister Rafael Ramirez Carreno has said nothing but “sheer speculation” was behind the sharp rise in crude oil prices in the international market. A lot of oil was available in the market but this was not reflected in its price.
http://www.hindu.com/2008/04/13/stories/2008041359170800.htm
A new windfall tax on oil production tentatively approved by Venezuela's unicameral national assembly would negatively affect the country's oil industry, according to James Edmiston, CEO of Harvest Natural Resources (NYSE: HNR).
http://www.bnamericas.com/story.jsp?idioma=I§or=9¬icia=430521
LOS ANGELES, Apr. 11 -- Petroleos de Venezuela SA and India's Oil & Natural Gas Corp. have signed an agreement for the exploration and production of crude oil and natural gas under a joint venture called Petrolera IndoVenezolana.
http://www.ogj.com/display_article/325562/120/ARTCL/none/ExplD/1/PDVSA,-ONGC-form-Venezuelan-E&P-joint-venture/
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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