Falklands : Hydrocarbons Daily Record Monday, 19 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.05.2008 (Article Archived on 03.06.2008)
Today’s crude price increases are due to OPEC’s stance that there is sufficient supply around to meet demand and the organisation will not be increasing production.
HYDROCARBONS DAILY RECORD MONDAY, 19 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 19 May 2008 Light Sweet Crude was trading at $127.05 up 76 Cents on the New York Mercantile Exchange. Brent Crude was trading at $125.06 up 7 Cents on London’s ICE Futures Market.
ANALYSIS:
Today’s crude price increases are due to OPEC’s stance that there is sufficient supply around to meet demand and the organisation will not be increasing production. HDR feels there is no need to increase production if people are too poor to buy hydrocarbons products. Essentially it is unwise for anyone to go into debt for gasoline and those in the know will be seeking alternatives.
RELATED ARTICLES:
(OPEC)
OPEC claims there is plenty of oil in the system and yet there is not enough to go around. Why is that so? I have explained this many times in the past but not for several months.
http://www.rightsideadvisors.com/public/commentary.go/rsa/commentary/comm-energy/20080519_024835_msg.html/Is-There-Really-An-Oil-Shortage.html
The Organization of Petroleum Exporting Countries will not increase production before its next meeting Sept. 9, Algeria's energy minister said Monday.
http://www.iht.com/articles/ap/2008/05/19/business/AF-FIN-Algeria-OPEC.php
DISCLAIMER:
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: Monday, 19 May 2008.
TLW: 975.00 up 20.50, DES: 90.50 up 1.75, FOGL: 162.50 up 2.00 RKH: 101.00 unchanged, BOR: 95.25 down 1.50 PRE: 13.75 unchanged, GBP: 8.63 unchanged, GPK: 429.00 unchanged, BLT 2196.00 up 38.00, RDSA: 2184.00 up 67.00 RDSB: 2154.00 up 60.00
New York Stock Exchange:
XOM: 94.18 up 1.51 (USD)
THE MARKETS (19/05/08)
FTSE100: 6,376.50 up 72.25, FTSE250: 10, 557.30 up 102.95 SmallCap: 3,232.80 up 14.46
DJI: 13,028.16 up 41.36 NASDAQ: 2,516.09 down 12.76 S&P500: 1,426.63 up 1.28
INTERNATIONAL DEVELOPMENTS:
(United Kingdom)
Oil & Gas UK has released revised guidelines for seismic data release. Purpose of the new guidelines is to make it easier for companies to access and to share data to encourage exploration and maximize production.
http://www.pennenergy.com/index/articledisplay/oil-gas-uk-revises-seismic-data-release-guidelines/329092/s-articles/s-offshore/s-geology-geophysics/s-north-sea-northwest-europe/s-1.html
(Norway)
Norwegain oil and gas major StatoilHydro ASA said no new finds were found following the completion of the drilling of two appraisal wells at the Tornerose gas discovery in the Barents Sea.
http://www.forbes.com/markets/feeds/afx/2008/05/19/afx5024608.html
REGIONAL DEVELOPMENTS:
(Bolivia)
The Bolivian government will invest in oil companies nationalized May 1 to strengthen the production of natural gas, official sources reported Monday.
http://www.plenglish.com/article.asp?ID=%7BED2CE38D-D628-45E9-87E0-9791FCD21CA7%7D)&language=EN
Bolivian President Evo Morales is threatening to nationalise gas fields in the country should the foreign companies operating them not increase their investments.
http://www.iii.co.uk/news/?type=afxnews&articleid=6717573&subject=markets&action=article
President Evo Morales warned foreign companies Sunday to step up investment in Bolivia's natural gas industry or risk losing access to its lucrative deposits.
http://www.pr-inside.com/morales-prepares-ultimatum-for-gas-r595265.htm
(Brazil)
-- Hess Corp., the fifth-largest U.S. oil company, may double its reserves on a $36 million investment made seven years ago.
http://www.bloomberg.com/apps/news?pid=20601213&sid=ajvoAzoJt6Fo&refer=home
(Ecuador)
Ecuador's state oil company Petroecuador has lowered its 2008 oil production target to 172,000 barrels per day (bpd) from the previous target of at least 180,000 bpd, a company official said on Monday.
http://uk.reuters.com/article/oilRpt/idUKN1954722520080519
(Peru)
Brazilian companies Petrobras and Braskem are seeking to invest around $2.5 billion in petrochemical projects in Peru, according to Reuters, which quoted senior company officials.
http://www.redorbit.com/news/science/1392204/petrobras_and_braskem_to_invest_in_peruvian_petrochemical_sector/
a polymer update team member was informed that Braskem has been called in to invest in a PE project along with Petrobras and Petroperu. ...
Note: This item requires registration
http://www.polymerupdate.com/polymer-petrochemical-news/checkbreak.asp?id=64120&types=brk
(Venezuela)
Portugal's Galp Energia and Venezuela's state-owned Petroleos de Venezuela SA (PDVSA) have signed five cooperation agreements concerning energy projects for oil, renewable energy, and natural gas, including two LNG liquefaction plants.
http://www.ogj.com/display_article/328991/7/ONART/none/Prong/1/PDVSA,-Galp-Energia-plan-LNG,-oil-projects/
LOCAL DEVELOPMENTS:
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.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1840162&source=RNS
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, held its AGM earlier today and can confirm that all resolutions were duly passed.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1841230&source=RNS
FOGL Holdings in Company
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1845211&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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