Falklands : Hydrocarbons Daily Record Wednesday 30 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 01.05.2008 (Current Article)
Crude prices dropped significantly today due to more than expected crude supplies listed in the US Department of Energy Administration’s weekly Inventory Report.
HYDROCARBONS DAILY RECORD WEDNESDAY, 30 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 30 April 2008 Light Sweet Crude was trading at $113.46 down $2.69 on the New York Mercantile Exchange. Brent Crude was trading at $113.43 down $2.14 on London’s ICE Futures Market.
ANALYSIS:
Crude prices dropped significantly today due to more than expected crude supplies listed in the US Department of Energy Administration’s weekly Inventory Report. Also contributing to the downward trend is the cut in the FED’s interest rates to 2% announced today.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 30 April 2008.
TLW: 754.00 up 6.00, DES: 91.25 up 1.00, FOGL: 145.50 up 10.50, RKH: 100.50 up 3.00, BOR: 83.75 down 0.25, PRE: 12.50 down 0.25, GBP: 7.50 down 0.50 GPK: 390.00 up 0.50, BLT 1800.00 down 18.00 RDSA: 2028.00 down 15.00 RDSB: 2015.00 down 20.00
New York Stock Exchange:
XOM: 93.07 up 1.28 (USD)
THE MARKETS (30/04/08)
FTSE100: 6,087.30 down 2.06, FTSE250: 10,122.30 up 114.87, SmallCap: 3,154.40 up 28.15
DJI: 12,818.67 down 13.27 NASDAQ: 2,412.80 down13.30 S&P500: 1,385.42 down 5.52
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 25/04/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea)
StatoilHydro, operator of production license 271 and 302, has concluded the drilling of exploration well 7/1-2 S, on the Yoda prospect.
http://www.pennenergy.com/display_article/327345/9/PRARC/none/DRLCM/1/North-Sea-Yoda-prospect-comes-up-dry/
REGIONAL DEVELOPMENTS:
(Bolivia)
The Bolivian government concluded negotiations on Wednesday to recover four oil companies, an announcement to be made tomorrow on the occasion of the second anniversary of the hydrocarbon nationalization.
http://www.plenglish.com/article.asp?ID=%7B2A6C8EB8-BC3E-4409-B031-B389C0E1002C%7D)&language=EN
(Brazil and India)
Bharat Oman Refineries Ltd (BORL), an equal joint venture of Bharat Petroleum Corp. Ltd (BPCL) and Oman Oil Co. is looking to raise Rs2,500 crore through an initial share sale to partly fund the joint venture’s refinery at Bina in Madhya Pradesh because the state-owned BPCL is strapped for funds on account of having to sell petroleum products at a government-mandated price that is lower than their cost.
http://www.livemint.com/2008/05/01000625/LIC-UBS-eye-stake-in-Bina-ref.html
(Brazil)
BG Group Plc, the U.K.'s third-largest oil company, said more wells must be drilled to access reserves off the coast of Brazil.
http://www.bloomberg.com/apps/news?pid=20601086&sid=at5JoTmOEBbU&refer=latin_america
(Colombia)
Black Rock Oil & Gas Plc. said its joint-venture operator, Kappa Resources Colombia Ltd., has abandoned the Arrinconada 1 exploration well in Colombia after the well showed no significant hydrocarbons while drilling the objective formations.
http://www.hemscott.com/news/latest-news/item.do?newsId=63451699650391
(Venezuela)
OPEC-member Venezuela's state oil company PDVSA said it could not confirm or deny if its operations were affected by a power blackout that hit several states across the country.
http://in.reuters.com/article/oilRpt/idINN2934983120080429
LOCAL DEVELOPMENTS:
(Desire Petroleum)
Desire Petroleum plc (AIM : DES), the exploration company wholly-focused on the North Basin of the Falkland Islands, announces that, further to the announcement of the Company's annual results today, Dr. Colin Phipps will be stepping down from the Board, due to ill health, with immediate effect.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1826698&source=RNS
The period since the last Report and Accounts has been an eventful one for Desire, culminating in the acceptance of the terms of an offer from a significant exploration company to farm-in to three of the eighteen prospects identified, to date, in the North Falkland Basin Licences held by the Company. The farm-in is subject to certain awards and approvals by the Falkland Islands Government which are currently awaited. The terms of the farm-in and the prospects involved will be announced when these are received.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1826603&source=RNS
Desire Petroleum plc, the exploration company wholly-focussed on the North Basin of the Falkland Islands, announces that, further to the announcement of the Company’s annual results today, Dr. Colin Phipps will be stepping down from the Board, due to ill health, with immediate effect.
http://www.oilvoice.com/n/Dr_Colin_Phipps_Steps_Down_From_Desire_Petroleum_Board/072d2058.aspx
Desire Petroleum Plc. said its chairman Colin Phipps will be stepping down with immediate effect due to ill health and it has appointed Stephen Phipps, a current non-executive director, as his successor.
http://www.hemscott.com/news/latest-news/item.do?newsId=63451699664168
(Global Petroleum)
Under a Farm-in Agreement dated 28 June 2006, Woodside Energy (Kenya) Pty Ltd agreed to drill one well in each of the Kenyan blocks L-5 and L-7, and to fully carry Global's interest (20%) in those wells. In January 2007 the first well, Pomboo, was drilled. The second well is due to be drilled by July 2008 to comply with the L-7 licence work obligations. As outlined previously, current indications are that it is unlikely that Woodside will drill that well by the due date. Global has written to Woodside advising that if the well is not drilled, Woodside will be in breach of its obligations under the Farm-in Agreement. Global is still in the process of taking further legal advice on this issue.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1826588&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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