Falklands : Hydrocarbons Daily Record Wednesday, 14 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 15.05.2008 (Article Archived on 29.05.2008)
Results from the US Department of Energy Administration Inventory Report for the week ending Friday, 09 May 2008 are inconclusive and have caused a decrease in the price of crude today.
HYDROCARBONS DAILY RECORD WEDNESDAY, 14 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 14 May 2008 Light Sweet Crude was trading at $124.22 down $1.58 on the New York Mercantile Exchange. Brent Crude was trading at $122.85 down $1.25 on London’s ICE Futures Market.
ANALYSIS:
Results from the US Department of Energy Administration Inventory Report for the week ending Friday, 09 May 2008 are inconclusive and have caused a decrease in the price of crude today. Gasoline inventories are down by 1.7 million barrels and this indicates that summer driving season is heating up. It will take several weeks of reports to see if this trend will show an overall decrease in demand from last year when prices were significantly lower.
DISCLAIMER:
Note: The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 14 May 2008.
TLW: 902.50 down 2.50, DES: 94.00 up 1.00, FOGL: 155.00 up 5.00 RKH: 101.00 up 6.50, BOR: 95.00 up 3.00 PRE: 14.50 up 1.50, GBP: 8.38 up 0.63, GPK: 424.00 unchanged, BLT 2118.00 up 98.00, RDSA: 2056.00 up 6.00 RDSB: 2028.00 up 6.00
New York Stock Exchange:
XOM: 89.91 up 0.23 (USD)
THE MARKETS (14/05/08)
FTSE100: 6,216.00 up 4.15, FTSE250: 10, 275.30 down 96.76, SmallCap: 3,213.00 down 8.86
DJI: 12,898.38 up 66.20, NASDAQ: 2,496.70 up 1.58 S&P500: 1,408.66 up 5.62
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 02/05/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea)
Global warming has turned from a research phenomenon into a political factor. Melting ice and the extension of navigation time mean free access to the Arctic Ocean's natural and biological wealth, and potential year-round navigation of the Northern Sea Route (NSR) connecting Europe and Asia.
http://en.rian.ru/analysis/20080514/107378393.html
REGIONAL DEVELOPMENTS:
(Argentina)
A temporary LNG tanker will arrive in Argentina's Bahía Blanca bay May 25 and begin supplying the country with 8Mm3/d of additional natural gas, a spokesperson for state oil company Enarsa told BNamericas, confirming local press reports.
http://www.bnamericas.com/story.jsp?idioma=I§or=9¬icia=434223
(Brazil)
The head of Brazil's oil market regulator said on Wednesday he was worried the United States might contest the country's rights over huge offshore oil reserves lying in a so-called exclusive economic zone.
http://www.reuters.com/article/marketsNews/idUSN1452126620080514
Domestic oil output by Brazil's state-run energy company Petrobras in April rose 2.3 percent from March, reversing three straight monthly drops, the company said Wednesday
http://www.reuters.com/article/marketsNews/idUSN1450629820080514
(Colombia)
AIM-listed oil and gas producer Pan Andean Resources has begun a 2D seismic survey at its 100% owned Antorcha block in Colombia. The move comes as the company eyes the start of a drilling programme at the site by the end of this year.
http://www.smallcapnews.co.uk/article/Pan_Andean_prepares_seismic_survey_ahead_of_drilli/5027.aspx
(Ecuador and Venezuela)
Venezuelan and Ecuadorian state energy firms announced they would collaborate on the construction and running of an oil refinery in Ecuador, officials from both nations said.
http://www.upi.com/International_Security/Energy/Analysis/2008/05/14/analysis_caracas_quito_in_refinery_deal/2122/
(Venezuela)
Venezuela's state oil company PDVSA plans to begin LNG exports from two new trains as part of the Delta Caribe Oriental project by 2014, PDVSA's general manager of offshore joint ventures Rubén Figuer...
http://www.bnamericas.com/sector_home.jsp?sector=9&idioma=I¬icia=434610
LOCAL DEVELOPMENTS:
Falkland Oil and Gas Ltd., which operates in the southern and eastern regions of the Falkland Islands, said it expects to commence exploration drilling in 2009 and plans are underway to drill wells under its BHP Billiton farm-in deal.
http://www.forbes.com/fdc/welcome_mjx.shtml
Falkland Oil and Gas Limited
("FOGL" or "the Company")
Annual General Meeting
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, will hold its Annual General Meeting today. At the meeting Richard Liddell, Chairman, will make the following remarks:
"2007 was a year of significant progress. We undertook additional exploration activity to further de-risk the project; this work confirmed the high potential of the assets. In aggregate, our ten top ranked prospects have the potential to contain hydrocarbon resources in excess of 10 billion barrels oil equivalent.
"The farm-in deal secured in October 2007 with BHP Billiton includes a commitment to drill a minimum of two exploration wells. BHP Billiton has extensive deepwater drilling expertise and the deal added credibility to the exploration assets and was a crucial step in moving towards a drilling campaign next year.
"Preparation work for the drilling programme is in progress. BHP Billiton is currently reviewing a number of options to secure a suitable rig and focusing on the selection of the best prospects for drilling. An environmental impact assessment has been initiated, together with other planning activities that will be required before drilling can commence. Planning for site surveys is also underway and these are expected to be carried out in the second half of 2008.
"In conclusion, FOGL is poised to enter the exploration drilling phase with a material licence equity interest in what may well be a significant new petroleum region in the South Atlantic. We believe this is probably one of the most exciting high impact exploration projects currently being undertaken anywhere in the world.
"We hope to commence exploration drilling in 2009, the next year promises to be a very exciting one for FOGL. The rewards for success could be substantial, given the large resource volumes of the prospects being targeted."
Source: London Stock Exchange RNS Service
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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