Falklands : Hydrocarbons Daily Record Sunday, 29 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 30.06.2008 (Article Archived on 14.07.2008)
Friday’s price increases are due to OPEC statements that crude could reach $170.00. HDR feels that these sorts of statements are irresponsible and in themselves can cause the price of crude to increase.
HYDROCARBONS DAILY RECORD SUNDAY, 29 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 27 June 2008 Light Sweet Crude was trading at $140.21 up 57 Cents on the New York Mercantile Exchange. Brent Crude was trading at $140.31 up 48 Cents on London’s ICE Futures Market.
ANALYSIS:
Friday’s price increases are due to OPEC statements that crude could reach $170.00. HDR feels that these sorts of statements are irresponsible and in themselves can cause the price of crude to increase.
HDR has also said that the meeting held in Jeddah did not help to decrease the price of crude but had the opposite affect. Hopefully, Jeddah 2 will do better but the jury is out at the moment.
People’s jobs and quality of life hang in the balance. The solution, however, is short-term and that is to drastically lower the price of crude and resulting hydrocarbons products. Long term it would be better for us all to find alternative renewable energy sources.
RELATED ARTICLES:
(OPEC Statement)
Oil rose Thursday in part on comments by OPEC officials; the organisation's president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production.
http://www.jamaicaobserver.com/magazines/Business/html/20080628T020000-0500_137246_OBS_EXPECT_HIGHER_GAS_PRICES_.asp
(Jeddah – Another Chance)
A week after failing to deflate record oil prices at a summit in Saudi Arabia, the world's biggest crude producers and consumers will get another chance to tackle the problem at a meeting this week.
http://afp.google.com/article/ALeqM5jvUJJRVLLRdINN4PugaOKIVr-1xw
(Ramifications of High Fuel Prices)
High fuel costs in the Triad caused a discount airline to fail, school buses to drain county coffers and companies to switch to four-day work weeks.
http://www.news-record.com/apps/pbcs.dll/article?AID=/20080629/NRSTAFF/774625994/-1/news06
(Alternative Energy)
With high crude oil prices threatening to derail economic growth, experts say that India should tap solar energy as an alternate to hydrocarbons.
http://howrah.org/india_news/17774.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 27 June 2008.
TLW: 975.00 up 49.00, DES: 92.25 down 0.50, FOGL: 136.00 unchanged RKH: 95.25 unchanged, BOR: 82.00 down 1.50 PRE: 12.75 down 0.25, GBP: 8.13 unchanged, GPK: 396.00 down 9.00, BLT 1875.00 up 67.00, RDSA: 2013.00 up 30.00 RDSB: 1962.00 up 27.00
New York Stock Exchange:
XOM: 86.55 up 0.14 (Trading in USD)
THE MARKETS (27/06/08)
FTSE100: 5,529.90 up 11.67, FTSE250: 9,104.80 down 2.46 SmallCap: 2,864.30 down 22.59
DJI: 11,346.51 down 106.91 NASDAQ: 2,315.63 down 5.74 S&P500: 1,2278.38 down 4.77
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 20/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Iraq)
Baghdad and the autonomous Kurdish administration in northern Iraq have formed a new panel to resolve differences between them over a national oil law, a top Kurdish leader said on Saturday.
http://afp.google.com/article/ALeqM5hw4mYj8fJ9fZRQvJLGXMz8RXQs4w
(Norway)
Norway, the world’s fifth-largest oil exporter, offered 79 blocks for oil and natural-gas drilling to speed up the search for new deposits amid dwindling output from its aging North Sea fields.
http://www.tehrantimes.com/index_View.asp?code=171906
The Ministry of Petroleum and Energy has announced the 20th licensing round. The Government will include 79 blocks/parts of blocks in the 20th licensing round, with 51 in the Norwegian Sea and 28 in the Barents Sea.
http://www.oilvoice.com/n/Norway_20th_Licensing_Round_Details_Announced/d63f6032.aspx
(Pakistan)
International Sovereign Energy Corp. (the "Company") would like to make a clarification to the June 2, 2008 press release entitled "Drilling Update Sukkur Block, Pakistan" at the request of the Alberta Securities Commission. The Company would like to retract the following issued statement due to the improper use of the term 'reserve' set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook")
http://www.foxbusiness.com/story/markets/industries/energy/drilling-update-sukkur-block-pakistan-correction/
Extract from an interview with outgoing head of Nafta, Bohumil Kratochvíl
http://english.etrend.sk/news-summaries/era-of-accidentally-discovered-deposits-is-over/138130.html
REGIONAL DEVELOPMENTS:
(Brazil and Nigeria)
Brazil's state-run Petrobras will begin to pump oil in a Nigerian field on July 21, local media reported Saturday.
http://www.china.org.cn/international/world/2008-06/29/content_15903491.htm
(Chile)
Las expectativas de que sea exitosa la incursión de petroleras internacionales en el negocio gasífero en Magallanes fueron refrendadas ayer por dos hechos: la gran mayoría de las empresas anunciaron la intensificación y adelanto de sus cronogramas de exploración y, a la vez, se proyectó que las reservas de gas natural de la cuenca llegarían a tres trillones de pies cúbicos (TCF). Los 3 TCF equivaldrían a unos 99 mil 600 millones de metros cúbicos.
Note: Reports from contacts in Punta Arenas say that representatives of local exploration companies also attended this meeting.
http://www.laprensaaustral.cl/lpa/noticias_anteriores.asp?id=30081
LONDON (Thomson Financial) - Geopark Holdings Ltd. said it has discovered two new gas fields, Nika Oeste and Bump Hill, on the Fell Block in Chile.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/16/afx5118302.html
(Colombia)
Gran Tierra Energy Inc. (AMEX: GTE; TSX: GTE), a company focused on oil exploration and production in South America, today announced that it had successfully drilled the Popa-2 exploration well in the Rio Magdalena Block in central Colombia, and was preparing to initiate well testing operations.
http://www.cnw.ca/fr/releases/archive/June2008/27/c8463.html
(Peru)
PERU LNG has secured PEN 2.25 billion (US$759.6 million) in loans from third party credit agencies to finance the construction of the PERU LNG(liquefied natural gas) project.
http://www.energycurrent.com/index.php?id=3&storyid=11504
(Venezuela)
Venezuelan President Hugo Chavez and his Brazilian counterpart Luiz Inacio Lula da Silva signed a host of economic collaboration agreements Friday including two memorandums of understanding to negotiate future purchases by Brazil of liquified natural gas produced in Venezuela.
http://www.istockanalyst.com/article/viewarticle+articleid_2321227&title=UPDATE_Venezuela_And.html
LOCAL DEVELOPMENTS:
RNS Number : 6696X Borders & Southern Petroleum plc
27 June 2008
Borders & Southern Petroleum plc ("the Company")
Director and Person Discharging Managerial
Responsibility ("PDMR") Shareholding
The Company was advised on 26 June 2008 that the wife of Steven Posford, a Director of the Company, has on the 26 June 2008 purchased on market 25,000 shares in the Company at 88p per share. This brings Steven Posford's holdings in the Company to 26,695,000 shares equal to 13.74% of the Company's issued share capital which currently stands at 194,344,170 shares.
For further information, please visit www.bordersandsouthern.com or contact:
Borders & Southern Petroleum plc 020 7661 9348
Howard Obee, Chief Executive
Panmure Gordon (UK) Limited 020 7459 3600Katherine Roe
Ocean Equities Ltd 020 7786 4370
Guy Wilkes
Tavistock Communications 020 7920 3150
Clemmie Carr / Simon Hudson
This information is provided by RNS The company news service from the London Stock Exchange
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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.
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