Falklands : Hydrocarbons Daily Record Thursday, 01 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 02.05.2008 (Current Article)
Those seeking $200.00 crude should have their feet examined for bullet holes.
HYDROCARBONS DAILY RECORD THURSDAY, 01 MAY 2008
By J. Brock (FINN)
At 1900hrs LMT on Thursday, 01 May 2008 Light Sweet Crude was trading at $112.52 down 94 Cents on the New York Mercantile Exchange. Brent Crude was trading at $110.50 down 86 Cents on London’s ICE Futures Market.
ANALYSIS:
It was good to see two straight days of declines in crude prices, though it came too late for the Falklands, with 3p per litre added to winter heating fuel today. Factors in the decline are a stronger US Dollar and a rising stock market.
Those seeking $200.00 crude should have their feet examined for bullet holes as there aren’t that many super rich people around who can afford extravagant hydrocarbons products. With homes being foreclosed and food costs going up it won’t be long before road trips during the summer will be a dream of the past and another phantom ghost will be the person who fills up as and when they like at $5.00 per gallon.
RELATED ARTICLE:
World oil prices slipped to 111 dollars a barrel on Thursday after a strike ended in key crude producer Nigeria, and in line with the strengthening dollar, traders said. Prices had already fallen sharply the day before in response to a bigger-than-expected rise in crude oil reserves in the United States, which is the world's biggest energy consumer.
http://afp.google.com/article/ALeqM5j5O7Gn5MRnOsaYlOdI59AnJeC8TA
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 01 May 2008.
TLW: 750.00 down 3.50, DES: 88.75 down 2.50, FOGL: 147.50 up 2.00, RKH: 97.50 down 3.00 BOR: 79.50 down 4.25, PRE: 12.50 unchanged, GBP: 7.50 unchanged GPK: 390.00 unchanged, BLT 1790.00 down 10.00 RDSA: 2009.00 down 19.00 RDSB: 2002.00 down 13.00
New York Stock Exchange:
XOM: 89.25 down 3.82 (USD)
THE MARKETS (01/05/08)
FTSE100: 6,087.30 unchanged, FTSE250: 10,073.00 down 49.28, SmallCap: 3,157.50 up 3.11
DJI: 13,014.32 up 194.19 NASDAQ: 2,480.04 up 67.24 S&P500: 1,409.44 up 23.69
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 Oil)
Royal Dutch Shell said it is pulling out of the “London Array,” which—if it ever gets built—will be one of the world’s largest wind farms. Shell says it will put its one-third stake in the $4 billion project up for sale, part of its regular review of investments. Shell’s departure leaves the other two partners, Germany’s E.On and Denmark’s DONG, holding the bag on an increasingly expensive and complex project.
http://blogs.wsj.com/environmentalcapital/2008/05/01/shell-game-oil-giant-pulls-out-of-uk-wind-farm/?mod=WSJBlog
(Scientific Developments)
3DGeo Inc. (3DGeo) announced today that it has developed and deployed a production-ready, high-end imaging application using Anisotropic Reverse Time Migration (RTM) to successfully image complicated structures such as oil-bearing sands trapped below complex salt bodies in the Gulf of Mexico and offshore Brazil. 3DGEO has developed this tool to efficiently and cost effectively visualize prospects that otherwise would be invisible using conventional imaging techniques.
http://www.earthtimes.org/articles/show/3dgeo-develops-commercial-rtm-solution-for-complex-imaging-challenges,375550.shtml
(Challenges)
Global demand for energy is pushing the frontier of oil exploration into deep-water locations below the ocean floor. In these locations, the water is too deep for operators to use conventional freestanding steel platforms.
http://www.easier.com/view/Finance/Investments/Funds/article-176984.html
(Not in OPEC)
Oil producers outside the OPEC cartel are unable to pump enough oil to reduce crude prices, hampered by robust domestic demand, weak investment and exhausted oil fields, analysts say.
http://afp.google.com/article/ALeqM5jKirnHzlnzQIkNXO82_-ZfB_ey2Q
(Papua New Guinea)
InterOil Corporation, a Canadian company with operations in Papua New Guinea, today announced a gas and gas liquids discovery in the Antelope structure, which was intersected at 7,402 feet (2,256 meters), in its Elk-4 well.
http://www.oilvoice.com/n/InterOil_Announces_Discovery_in_Papua_New_Guinea/e011f09c.aspx
(Venezuela and Iran)
Referring to the recent MoU signed by Iran and Sri Lanka for expanding the capacity of a 50,000 bpd oil refinery in Sri Lanka to 100,000 bpd, Hossein Noghrehkar Shirazi, Iran’s deputy oil minister for int’l affairs, said: “Some $ 1.1 Bln will be invested in this joint project, 30% of which will be provided by Iran and the rest will come from Sri Lanka”.
http://capital.trendaz.com/index.shtml?show=news&newsid=1189346&lang=EN
(Brazil and India)
New Delhi, May 1 Oil and Natural Gas Corporation (ONGC) can now go ahead and exploit oil and gas from its successful Krishna-Godavari basin fields, which includes the first successful ultra deepwater (UD1) discovery in the region.
http://www.thehindubusinessline.com/2008/05/02/stories/2008050251550100.htm
(Australia, UK and Colombia)
Origin Energy is Australia's second-biggest electricity and gas retailer with nearly 3 million customers in Queensland, New South Wales, Victoria, South Australia and New Zealand.
http://www.upi.com/International_Security/Energy/Briefing/2008/04/30/bg_bids_on_australias_origin/9774/
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia's leftist government said Thursday it completed the purchase of majority ownership of four energy companies by buying back shares in the firms as part of a nationalization drive started exactly two years ago.
http://www.reuters.com/article/marketsNews/idUSN0140265820080501
President Evo Morales celebrated May Day by announcing the nationalization of Bolivia's leading telecommunications company, Entel, and returning four foreign-owned natural gas companies to state control.
http://www.pr-inside.com/morales-nationalizes-bolivian-telecom-foreign-r568043.htm
(Chile)
New Block Acquisition: GEOPARK has entered into an agreement (subject to Chilean government approval) to operate and acquire a 30% working interest in the Tranquilo Block in southern Chile. This new high potential acreage position, which totals 6,648 square kilometres and is located near GEOPARK’s Fell Block, substantially builds on the Company’s inventory of exploration opportunities and further enhances GEOPARK’s position as the leading private-sector oil and gas operator in Chile.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1826656&source=RNS
…said Frank Chapman, chief executive of BG Group Plc. LONDON (Thomson Financial) - Geopark Holdings Ltd. widened its full-year pretax loss on increased ...
http://www.hemscott.com/news/latest-news/item.do?newsId=63451699665193
LOCAL DEVELOPMENTS:
(Desire Petroleum)
company" is to farm-in up to three of Desire's 18 Falklands prospects, subject to "certain awards and approvals by the Falkland Islands Government". ...
http://www.investorschronicle.co.uk/Companies/ByEvent/Results/Inbrief/article/20080501/4fd07faa-176a-11dd-ab32-0015171400aa/Desire-hunts-Falklands-rig.jsp
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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