S.Atlantic : HYDROCARBONS DAILY RECORD WEDNESDAY, 01 JULY 2009
Submitted by SARTMA.com (Juanita Brock) 02.07.2009 (Article Archived on 16.07.2009)
We resume the daily record on a temporary basis.
HYDROCARBONS DAILY RECORD WEDNESDAY, 01 JULY 2009
By J. Brock (FINN)
BREAKING REGIONAL NEWS:
YPF TO EXPLORE OFF URUGUAYAN COAST
By J. Brock (FINN)
According to a press release from YPF SA that company has won the bid to explore for hydrocarbons off the coast of Uruguay. The press release goes on to say that YPF SA will have a 40% stake in the exploration, sharing 40% with Petrobras Uruguay, a unit of the Brazilian oil giant. GALP (GALP.LB) has a 20% share.
As yet YPF hasn’t said how much it was investing in the project.
YPF is expected to operate the deep water "exploratory block 3" and Petrobras will operate the shallow water "exploratory block 4," both located along the coast of Punta del Este.
Talking to Dow Jones, a YPF official said that while YPF is a unit of the Spanish oil firm Repsol YPF SA (REP) the decision to participate in this project was made locally by local management.
The news comes after a consortium led by Repsol YPF announced plans to explore for oil in international waters between Argentina and the Falkland Islands.
Exploration in that project is slated to take place some 289 kilometres off the Argentine coast and begin in the first quarter of 2010. Petrobras and BP PLC (BP) will invest $98 million in the project.
STATISTICS:
London Stock Exchange 01/07/09:
FTSE100
FTSE250
Small Cap
ANALYSIS
Though there may be marginal improvements the markets are still down because money is tight. You find people selling off to pay debts and that recoveries are short lived due to the continuing financial crisis. A growing number of people are out of work with some out long-term and unable to spend money on other than essentials. For many blue collar workers and their families – the backbone consumers – jobs are tight and salaries competitive. There are no green shoots yet, so don’t expect any rallies soon.
Desire Petroleum
BPC
FOGL
BLT
RKH
BOR
FKL
ANALYSIS:
Share prices increase due to excellent exploration news both locally and regionally. The rig market, while still tight, shows signs of loosening – at least enough for one to be targeted for Falklands exploration. We await news from exploration companies about sharing rigs and/or drill ships. It’s all fluid, so watch this space.
GPK
GBP
TLW
ANALYSIS:
Companies associated with the Falklands and regional companies have an affect on local share prices in that hydrocarbons know no political boundaries and when they are discovered regionally there are possibilities they can be discovered locally.
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