Falklands : Hydrocarbons Daily Record Thursday, 02 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.10.2008 (Article Archived on 17.10.2008)
Concerns about a world-wide drop in demand helped crude prices to decline today.
HYDROCARBONS DAILY RECORD THURSDAY, 02 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 02 October 2008 Light Sweet Crude was trading at $98.53 down $2.11 on the New York Mercantile Exchange. Brent Crude was trading at $95.33 down $2.84 on London’s ICE Futures Market.
ANALYSIS:
Concerns about a world-wide drop in demand helped crude prices to decline today. One result of dropping demand is the slump in auto sales. People are making do with older models with a view to replacing them when there is more money about. Hopefully that money will come from money saved for the purpose and not from a loan company.
With the revised legislation comes a good deal of common sense and hopefully enough anomalies will be removed to make it palatable for the House of Representatives. Nonetheless bailing out Wall Street isn’t the cure all for the world-wide credit crunch and the jury is out about whether or not it will stem the tide of bad economic news coming out of the banking and credit industry.
RELATED ARTICLES:
(The Senate Vote)
The Senate on Wednesday night voted in favour of the massive financial bailout the House had rejected Monday – but only after adding another $100 billion in tax breaks.
http://www.bizjournals.com/dayton/stories/2008/09/29/daily37.html
(Slump in Auto Sales)
Major automakers reported plunging U.S. sales for September -- led by a 34 percent slide at Ford Motor Co -- as an escalating credit crisis hit the slumping industry and raised new doubts about when the world's largest auto market would stabilize.
http://www.reuters.com/article/businessNews/idUSTRE49092V20081001
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 01 October 2008
TLW: 638.50 down 72.50, DES: 55.00 down 2.50, FOGL: 92.50 up 1.50 RKH: 47.00 down 1.50 BOR: 32.75 down 1.00, BPC: 4.25 down 0.13 PRE: 10.50 unchanged GBP: 5.88 unchanged, GPK: 370.00 unchanged, BLT 1117.00 down 92.00, RDSA: 1583.00 down 47.00, RDSB: 1540.00 down 38.00
New York Stock Exchange:
XOM: 77.20 down 1.38 (Trading in USD)
THE MARKETS (01/10/08)
FTSE100: 4,870.34 down 89.25 FTSE250: 7,965.48 up 51.09 SmallCap: 2,448.24 down 9.78
DJI: 10,482.85 down 348.22 NASDAQ: 1,976.72 down 92.68, S&P500: 1,114.28 down 46.78
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 26/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
An appraisal well has confirmed that the so-called Jordbaer prospect in the North Sea contains some 56-80 million barrels of oil, the Norwegian Petroleum Directorate announced Wednesday.
http://www.iht.com/articles/ap/2008/10/01/business/EU-Norway-Oil-Find.php
North Sea Energy (UK) Limited (the "Company") is pleased to announce that it has closed a US$12,000,000 funding arrangement with Gemini Oil & Gas Fund II, L.P. ("Gemini") for the development of the Jacky oilfield ("Jacky"), located in Block 12/21c offshore the United Kingdom. Production at Jacky is expected by the end of 2008 and the Operator of Jacky has advised the Company that the expected initial production will be in excess of 10,000 bopd of which North Sea Energy's portion is 1,000 bopd.
http://www.youroilandgasnews.com/news_item.php?newsID=11871
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia's plan to purchase five Russian civil defense helicopters is a "first step" in deepening ties between the two countries as Russia looks to expand its role across Latin America, Russia's ambassador to Bolivia said.
http://www.themoscowtimes.com/article/1010/42/371381.htm
(Brazil)
PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, clarifies the mandatory procedures involved in the notification of signs of hydrocarbons (HC) to the National Petroleum Agency (ANP) and the story aired by Agencia Estado’s Broadcast titled “Petrobras Announces New Oil Discoveries to the ANP.”
http://www.youroilandgasnews.com/news_item.php?newsID=11877
Keppel Shipyard, Singapore, a wholly owned subsidiary of Keppel Offshore & Marine has secured contracts from repeat customers amounting to S$150 million (US$104.5 million) for the upgrading, modification and conversion of two vessels.
http://www.marinelog.com/DOCS/NEWSMMVII/2008oct00022.html
(Latin America General)
Central America, Cuba, the Dominican Republic and islands in the eastern Caribbean are receiving more and more oil from Venezuela, while major refineries are planned in South America
http://upsidedownworld.org/main/content/view/1504/68/
(Venezuela)
Petroleos de Venezuela (PDVSA) has awarded Wood Group Amesa a five-year, $200 million contract to provide wellhead equipment for use in Venezuela's onshore and offshore fields.
http://www.offshore-mag.com/display_article/341418/9/ONART/none/EQUIP/1/Wood-group-awarded-Venezuela-wellhead-equipment-contract/
LOCAL DEVELOPMENTS:
(Global Petroleum)
Texon Petroleum Limited (ASX:TXN) have advised that the first well on the Leighton prospect, Peeler #1, has reached a total depth of 2,805 metres (9,201 feet) after intersecting the target sand. Wire line electric logs indicate a potential oil and gas bearing formation at 2,675 metres (8,777 feet) with a thickness of 7 to 8 metres (25 feet) which is within the anticipated thickness range.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1977749&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
IMPORTANT LINK:
http://www.onegeology.org/
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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