Falklands : Hydrocarbons Daily Record Sunday, 20 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.04.2008 (Article Archived on 04.05.2008)
Though the US Dollar is slightly stronger against other currencies the factor that increased the price of Crude on Friday was the supply disruption in Nigeria.
HYDROCARBONS DAILY RECORD SUNDAY, 20 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Friday, 18 April 2008 Light Sweet Crude was trading at $115.90 up $1.04 on the New York Mercantile Exchange. Brent Crude was trading at $113.92 up $1.49 on London’s ICE Futures Market.
ANALYSIS:
Though the US Dollar is slightly stronger against other currencies the factor that increased the price of Crude on Friday was the supply disruption in Nigeria.
The same sorts of excuses have been used to increase crude prices last year when prices were around $60.00 per barrel. The only difference in the argument is the price per barrel of crude. At nearly double the price something needs to be done to lower the per barrel cost before petroleum products are more expensive than precious metals.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 18 April 2008.
TLW: 710.00 down 7.50, DES: 91.00 unchanged, FOGL: 150.00 up 6.00, RKH: 103.00 up 2.00, BOR: 74.00 up 3.50, PRE: 12.25 up 0.50, GBP: 7.13 up 0.13 GPK: 391.00 unchanged, BLT 1791.00 down 24.00 RDSA: 1897.00 up 2.00 RDSB: 1881.00 up 11.00
New York Stock Exchange:
XOM: 94.00 up 0.62 (USD)
THE MARKETS (18/04/08)
FTSE100: 6,056.50 up 76.15, FTSE250: 10,241.10 up 151.66, SmallCap: 3,109.60 up 10.09
DJI: 12,849.36 up 228.87 NASDAQ: 2,402.97 up61.14 S&P500: 1,390.33 up 24.77
INTERNATIONAL DEVELOPMENTS:
(Iraq)
As 'corporate pirates' gave out shareholder briefings under the banner of 'BP in Iraq - Blatant Piracy' outside, a number of be-suited HOIO activists were present at the BP AGM inside.
http://www.indymedia.org.uk/en/2008/04/397030.html
(United Kingdom)
A British union will launch a two-day strike at Ineos Grangemouth refinery, forcing it to shut down with an impact on the North Sea Forties pipeline system, which terminates there, both sides said on Friday.
http://www.reuters.com/article/rbssEnergyNews/idUSL1860075120080418
REGIONAL DEVELOPMENTS:
(Latin America General)
Schlumberger Limited (NYSE:SLB) today reported first-quarter revenue of $6.29 billion versus $6.25 billion in the fourth quarter of 2007, and $5.46 billion in the first quarter of 2007.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080418005086&newsLang=en
(Argentina)
Recent relations between the Argentine government and the oil companies working there has included a group of measures that should be aimed at increasing the production needed to assure domestic supply.
http://www.petroleumworld.com/sati08041901.htm
Argentine state energy company Enarsa and its Venezuelan counterpart PDVSA are in charge of developing the terminal. Another 42 companies have sent letters of interest for an LNG regasification terminal considered for development in Montevideo with Enarsa and Uruguayan state energy companies Ancap and UTE, according to the minister.
http://business.timesonline.co.uk/tol/business/markets/article3768688.ece
(An Editorial Entitled “Oil out of Troubled Waters”)
Within five days of each other, two developments occurred which should profoundly influence the future course of Argentina’s regional alignments
http://www.buenosairesherald.com/editorial/editorial_english.jsp?idContent=487314
(Bolivia and Venezuela)
Venezuela signed three contracts for direct monthly supply of 1.48 million barrels of oil to Bolivia, Nicaragua and Haiti under the Bolivarian Alternative for the Americas.
http://www.plenglish.com/Article.asp?ID=%7BBE04B9BB-486E-4B2D-9669-C0F7D7B98548%7D&language=EN
(Brazil)
Excitement about the potential of Brazil as a massive new source of oil and gas intensified yesterday after a senior energy ministry official declared that the newly found Carioca field could have 33bn barrels in place.
http://www.buzzle.com/articles/190718.html
(Colombia)
On April 6, Gran Tierra Energy completed initial testing operations for Costayaco-3, the third well drilled in the Costayaco field, a new oil field discovered in 2007.
http://www.newswire.ca/en/releases/archive/April2008/16/c6027.html
(Ecuador)
In partnership with Petroecuador, Ecuador's national oil company, Texaco ramped up production at the site, which eventually grew to more than 220,000 barrels a day.
http://www.latimes.com/news/opinion/sunday/commentary/la-op-feige20apr20,0,4231451.story
(Mexico)
The scene inside the lower house of Congress here on Friday morning resembled a college political rally more than a legislative chamber. A giant tarp dragged over the dais was painted with the word “CLOSED.”
http://www.nytimes.com/2008/04/19/world/americas/19mexico.html?ref=world
(Peru)
It was reported that the new fuel control system will keep the police's gasoline from being sold to third parties and eliminate the excuse that police do not patrol the streets to save fuel.
http://www.livinginperu.com/news-6211-law-order-police-guarantee-more-troops-perus-streets-with-new-fueling-system
(Uruguay)
Uruguayan ANCAP state oil company, and Venezuelan PDVSA will agree on the terms for the joint exploitation of a sector of the latters Orinoco Strip early in May, it was revealed in this capital.
http://www.plenglish.com/article.asp?ID=%7B68BFC93D-4A92-4D75-BFE8-6291B8B660E7%7D&language=EN
(Uruguay and Venezuela)
The Uruguayan subsidiary of state-owned oil holding Petróleos de Venezuela (Pdvsa) denied any relationship with Guido Antonini Wilson, Miguel Castellán, the company legal counsel, told Montevideo's daily newspaper El País, as quoted by Ansa.
http://english.eluniversal.com/2008/04/18/en_eco_art_pdvsa-uruguay-denies_18A1524279.shtml
LOCAL DEVELOPMENTS:
(Desire Petroleum)
London-listed oil explorers in the Falkland Islands have been soaring on hopes that they are about to find partners with the cash to provide drilling rigs.
http://www.bnamericas.com/story.jsp?idioma=I§or=10¬icia=431173
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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