Falklands : Hydrocarbons Daily Record Thursday, 24 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 25.04.2008 (Article Archived on 09.05.2008)

One would think that decreasing the price of crude is as simple as increasing supply but the price per barrel of crude is down to Wall Street and where people put their money.

HYDROCARBONS DAILY RECORD THURSDAY, 24 APRIL 2008

By J. Brock (FINN)

At 1900hrs LMT on Thursday, 24 April 2008 Light Sweet Crude was trading at $116.06 down $2.24 on the New York Mercantile Exchange.  Brent Crude was trading at $114.34 down $2.12  on London’s ICE Futures Market.

ANALYSIS:

One would think that decreasing the price of crude is as simple as increasing supply but the price per barrel of crude is down to Wall Street and where people put their money.  Oil futures are a safe place to put it.  Unfortunately safety comes at a cost for all of us and in this instance it could mean people cutting back on expensive hydrocarbons products.  Demand will go down once the full consequences of high crude prices reach store shelves.  OPEC have said there is enough crude to meet demand and, like last year at this time, they are not increasing production.  This is used to drive crude prices up even further but in truth if people can’t afford to buy hydrocarbons products demand will go down and pumping more crude out of the ground and/or seabed would not affect the price.

A group of US senators on Thursday threatened to block arms deals with OPEC member countries if they do not boost oil output to help bring down soaring gasoline prices.

http://afp.google.com/article/ALeqM5iMobPbMXmQSODVchhj1DjdBUXupw

SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 24 April 2008.

TLW: 745.00 down 15.00, DES:  92.75 up 2.25, FOGL: 135.00 down 0.50, RKH:  102.75 up 5.75, BOR: 82.00 up 3.75, PRE:  12.25 down 0.25, GBP: 8.50 up 0.38 GPK: 391.00 unchanged, BLT 1849.00 down 78.00 RDSA: 1938 down 38.00 RDSB: 1922.00 down 31.00

New York Stock Exchange:

XOM:  92.61 down 1.61 (USD)

THE MARKETS (24/04/08)

FTSE100: 6,050.70 down 32.91, FTSE250: 9,774.40 down 113.32, SmallCap: 3,099.40 down 14.01

DJI: 12,848.95 up 85.73 NASDAQ: 2,428.92 up 23.71 S&P500: 1,388.82 up 8.89

REGIONAL DEVELOPMENTS:

(Argentina)

Repsol YPF (NYSE:REP PRA) SA. has ruled out leaving any Latam country, Negocio reported, citing comments by chairman Antonio Brufau yesterday in Portugal.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-24396798.htm

(Bolivia and Venezuela)

Bolivia's lower house has approved a contract between state hydrocarbons company YPFB and E&P JV Petroandina whereby the latter will carry out work in YPFB-reserved areas.

http://www.bnamericas.com/story.jsp?idioma=I&sector=9&noticia=432027

(Brazil)

Brazilian ethanol producer Cosan said on Thursday it had agreed to buy ExxonMobil's assets in Brazil for $826 million, outmaneuvering state-run oil giant Petrobras to gain a foothold in the fuel distribution business.

http://www.reuters.com/article/mergersNews/idUSN2417315520080424

(Venezuela)

High oil and natural gas prices pushed ConocoPhillips' first-quarter profits up 17 percent, the Houston-based company said today.  ConocoPhillips is in talks with PDVSA to receive compensation for those operations. Refining and marketing income fell by half to $520 million

http://www.chron.com/disp/story.mpl/headline/biz/5726922.html

LOCAL DEVELOPMENTS:

(Rockhopper Exploration)

The Company announces that it has appointed SPD Group Limited ("SPD") (part of the Petrofac group) to undertake a range of well engineering services as part of the ongoing preparations for a drilling campaign in the North Falkland Basin.  The agreement provides Rockhopper with access to a wide range of engineering and project management services available from SPD including the provision of long lead equipment such as wellheads and casing.

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?

Rockhopper Exploration has contracted SPD Group for well engineering services in readiness for a drilling campaign in the North Falkland basin.

http://www.pennenergy.com/display_article/326693/9/PRARC/none/EQUIP/1/Rockwater-prepares-for-Falklands-drilling/

The main problem facing Rockhopper, and other Falklands oil explorers like Desire Petroleum and Falklands Oil & Gas, is the challenge of getting the ...

http://www.investorschronicle.co.uk/Companies/ByEvent/TradingNews/Inbrief/article/20080424/4d126af6-11ef-11dd-a42f-0015171400aa/Rockhopper-leaps-into-action.jsp

Rockhopper Exploration announces that it has appointed SPD Group Limited ("SPD") (part of the Petrofac group) to undertake a range of well engineering services as part of the ongoing preparations for a drilling campaign in the North Falkland Basin.

http://www.oilvoice.com/n/Rockhopper_Exploration_Provides_Operational_Update/e335dffa.aspx

(Borders & Southern)

Full name of person(s) subject to the notification obligation: Morgan Stanley (Institutional Securities Group and Global Wealth Management)

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1822128&source=RNS

LOCAL LINKS:

http://www.fogl.com

http://www.desireplc.co.uk

http://www.bordersandsouthern.com

http://www.rockhopperexploration.co.uk.

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