Falklands : Hydrocarbons Daily Record Wednesday, 23 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 24.04.2008 (Article Archived on 08.05.2008)
As crude prices become increasingly extortionate – even criminal, it is important to remember that once crude stockpiles bought in at lower prices are depleted and prices for hydrocarbons products increase significantly, demand will go sharply down because people won’t be able to afford filling up their tanks.
HYDROCARBONS DAILY RECORD WEDNESDAY, 23 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 23 April 2008 Light Sweet Crude was trading at $117.48 up 79 Cents on the New York Mercantile Exchange. Brent Crude was trading at $113.92 up $1.49 on London’s ICE Futures Market.
As crude prices become increasingly extortionate – even criminal, it is important to remember that once crude stockpiles bought in at lower prices are depleted and prices for hydrocarbons products increase significantly, demand will go sharply down because people won’t be able to afford filling up their tanks. Even essential journeys will be kept to a minimum and people will opt for holidays at home rather than taking their vehicles on the road for pleasure. This drive season will be an important indicator about the economy as people are made redundant and have to cut back.
As the price of oil climbs to $117 a barrel and petrol at the pump reaches 110p a litre, motorists are wondering how long this latest spike is going to last. Is it just another of those temporary jumps in the cost of fuel that we saw in the 1970s and 1980s or is this a new reality which will last for good?
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 23 April 2008.
TLW: 761.50 up 29.50, DES: 90.50 up 5.50, FOGL: 135.50 down 2.50, RKH: 97.00 up 3.00, BOR: 78.25 up 9.00, PRE: 12.50 down 0.25, GBP: 8.13 unchanged GPK: 391.00 unchanged, BLT 1927.00 up 45.00 RDSA: 1976.00 up 55.00 RDSB: 1953 up 66.00
New York Stock Exchange:
XOM: 94.00 up 0.62 (USD)
THE MARKETS (23/04/08)
FTSE100: 6,083.60 up 48.87, FTSE250: 10,087.70 up 18.14, SmallCap: 3,113.40 up3.84
DJI: 12,763.22 up 42.99 NASDAQ: 2,405.21 up 28.27 S&P500: 1,319.98 up 4.04
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/04/08
Kenya's search for natural resources is set to intensify following the arrival of seven international firms seeking to prospecting for natural liquefied gas in the Coast Province.
Blackrock Petroleum Corp. ("Blackrock", "The Company") (OTCBB: BRPC) is pleased to announce that the Morgan Highpoint #5 Test Well has been drilled and logged to total depth by Montello Resources Ltd., the Operator of the Morgan Highpoint Project and one of Blackrock's three JV partners. Hydrocarbons were encountered during the drilling of the well.
Endeavour International Corporation has announced the beginning of its 2008 exploration and development drilling program in the North Sea with the spudding of the Galtvort exploration well in Norwegian Production License 348. Under the current rig schedule, the company will participate in at least seven exploration and appraisal wells and one development well all spudding before the end of the year. Endeavour is the operator of three of the blocks to be drilled.
(West Ghobata-1 well)
Dragon Oil Plc. said it is 'disappointed' with the overall results from the exploration drilling programme in Yemen but added it is encouraged by the outcome from the West Ghobata-1 well.
The hydrocarbons industry has warned that a massive expansion of the Australian continental shelf does not necessarily mean new oil and gas discoveries any time soon.
The Australian Petroleum Production and Exploration Association has welcomed the announcement by the Federal Resources Minister, Martin Ferguson, that the shelf will be increased by 2.5 million square kilometres.
With over 50 percent of Argentina’s internal energy consumption derived from natural gas, it’s clear that it depends heavily on the fuel for residential, industrial, and transportation purposes. But Argentina is on the brink of a major energy crisis.
Bolivian President Evo Morales Ayma this afternoon dismissed calls by an emerging separatist movement in the eastern lowland Bolivian state of Santa Cruz to hold a so-called autonomy referendum on 4 May as an “illegal” and “not very important” move by a select group of Santa Cruz wealthy families to divide the country.
Venezuela's PDVSA sold a prompt-loading 270,000-tonne cargo of fuel oil to Petrobras of Brazil via private negotiations after cancelling a tender earlier due to poor price offers, traders said on Wednesday.
This Saturday (04/19), Petrobras completed the deck mating procedure for platform P-51, the first semi-submersible platform built entirely in Brazil. Deck mating is a mega operation carried out to join the unit’s hull to its topside. This maneuver was carried out in one day at the BrasFels shipyard, in Angra dos Reis – RJ, proving Brazilian naval engineering capacity and Petrobras’ technology for deepwater production projects
(Colombia and Russia)
LUKoil Overseas, the international projects operator of Russia's largest independent crude producer LUKoil [RTS: LKOH] said on Tuesday it had launched preparations to develop oil deposits in Colombia.
Ecuador's Constituent Assembly on Tuesday named Diego Garcia as the nation's new Attorney General, replacing Xavier Garaicoa, who resigned last week.
My job involves a lot of work online, looking for interesting websites, finding articles to get more insight in the current situation of Ecuador. Every now and then I bump into articles that really open my eyes. They give me new insights on topics I already kind of made my mind up about.
Petroleos de Venezuela SA, the state energy company, took over the government-owned shipbuilder as part of a plan for Venezuela to build its own oil tankers and offshore rigs.
CHICAGO & CARACAS, Venezuela - (Business Wire) Fitch Ratings has upgraded both the Foreign Currency and Local Currency Issuer Default Ratings (IDRs) for C.A. La Electricidad de Caracas (EDC) to 'BB-' from 'B+.' In addition, Fitch has assigned a 'BB-' rating to the proposed issuance of up to USD650 million senior unsecured notes due 2018 to be issued by EDC. Fitch has upgraded the long-term national scale rating of EDC to 'AAA(ven)' from 'AA-(ven)' and the short- term national scale rating to 'F1+(ven)' from 'F1(ven)'. The Rating Outlook remains Negative.
The Ministry of Energy and Petroleum released in the edition of the Official Gazette dated April 18th, under resolution number 100, the addition in the last quarter last year of 748.46 million barrels of oil to Venezuelan proven reserves.