S.Atlantic : HYDROCARBONS WEEKEND RECORD: 11 AND 12 NOVEMBER 2006
Submitted by SARTMA.com (Juanita Brock) 12.11.2006 (Current Article)
Several of Bolivia’s companies and agencies that have benefited from the May 1st nationalisation of hydrocarbons are about to give a school bonus to approximately 1,200,000 children. The $25.00 (200 Bolivianos) is earmarked for helping families with food and school expenditures. The South American press indicated the sum will be given to the children on an annual basis. Payments began at 300 schools on Sunday, 12 November 2006.
HYDROCARBONS WEEKEND RECORD: 11 AND 12 NOVEMBER 2006
By J. Brock (FINN)
WEEKEND DEVELOPMENTS
(Bolivia)
Several of Bolivia’s companies and agencies that have benefited from the May 1st nationalisation of hydrocarbons are about to give a school bonus to approximately 1,200,000 children. The $25.00 (200 Bolivianos) is earmarked for helping families with food and school expenditures. The South American press indicated the sum will be given to the children on an annual basis. Payments began at 300 schools on Sunday, 12 November 2006.
CRUDE PRICES
Monday, 06: Light Sweet Crude - $60.02, Brent Crude - $59.80
Tuesday, 07: $58.93, $58.48
Wednesday, 08: $59.83 $59.59
Thursday, 09: $61.16 $61.32
Friday, 10: $59.59 $59.71
TRENDS:
Monday, 06: Threats to infrastructure in the Niger Delta and a hint that OPEC would further cut production caused crude to rise today.
Tuesday, 07: A report on US inventories is due out shortly that could indicate a moderate increase. Hints that OPEC would further cut production have downgraded to they are thinking about it. Finally the threat of violence in the Niger Delta keeps the price drop from being too significant nonetheless, there was a significant drop in crude prices today.
Wednesday, 08: There was a mixed report on US inventories today. While the supply of crude gained 400,000 barrels at 334.7 barrels, it was last week’s decline by 600,000 barrels leaving 204 million barrels of gasoline that sent crude prices up.
Thursday, 09: Investors did not like the mixed inventory report nor do they feel OPEC is going to cut supply only once. This caused a rise in the price of crude today.
Friday, 10: Traders taking profits and an International Energy Agency (IEA) report on world demand for hydrocarbons products contributed to the drop in crude prices today.
RELEVANT SHARE PRICES:
Monday, 06: Desire Petroleum – 35.00, FOGL – 84.50, RKH – 42.00, BDRS – 37.50, Tullow – 412.25
Tuesday, 07: Desire Petroleum – 34.75, FOGL – 84.50, RKH – 42.00, BDRS – 37.50, Tullow – 412.25
Wednesday, 08: Desire Petroleum – 34.75, FOGL – 84.00, RKH – 40.00, BDRS – 37.50, Tullow – 414.25
Thursday, 09: Desire Petroleum – 33.75, FOGL – 83.50, RKH – 40.00, BDRS – 37.50, Tullow – 414.25
Friday, 10: Desire Petroleum - 33.50, FOGL, 84.50, RKH – 40, BDRS – 37.50, Tullow – 427.00
REGIONAL DEVELOPMENTS
Monday, 06:
(Bolivia)
Bolivia’s National Congress on Monday considered the new agreements between the government and ten oil Trans-nationals. This process completes one stage of the hydrocarbons nationalisation started in May. Hydrocarbons Minister Carlos Villegas said that the agreements clinched during October 27 to 28 consolidate the government’s willingness to control all natural resources in the country. The Minister stressed the need to use the nearly $4 billion income from those agreements in four years to benefit the central government, the whole nation and its people. The minister announced an $800 million investment for the installation of two refineries in southern Tarija and eastern Santa Cruz provinces. Meanwhile, Juan Carlos Ortiz, president of the state-run company Yacimientos Petroliferos Fiscales Bolivianos (YPFB), confirmed on Sunday that the agreements that were signed have been vetted with heads of the foreign firms and will be implemented after the Congress ratifies them.
Tuesday, 07:
(AAPG)
The AAPG International Conference in Perth, Australia is attended by Director of Minerals Mrs. Phyl Rendell, A representative from FOGL, one from Borders and Southern and Dr. Phil Richards from British Geological Survey. While at the 2006 Conference they will have the opportunity to attend lectures including a technical program of oral and poster sessions woven around 10 major themes: Management and Decision Making; Petroleum Systems Analysis; Gondwana Evolution and Petroleum Systems; SE Asian Petroleum Provinces; West Australian Basins; Asia Pacific LNG Resources; Maximising Value from Mature Petroleum Assets; New and Emerging Technologies; Petroleum Development and the Environment and Non-conventional Hydrocarbon/Energy Resources. More on this vital conference when Phyl Rendell returns from her journey.
Wednesday, 08:
(Argentina)
From a Press Release:
Urex Energy Corp. (the “Company” or “Urex”) (OTCBB:URXE) is pleased to announce that Mr. Oscar Yoshitaka Yokoi, the Company’s South American Manager, was appointed to the board of directors of the Company. Mr. Yokoi has over 29 years of mining and mineral exploration experience and received a Bachelors of Science in Geology (1977) from the University of Sao Paulo and a Masters of Arts in Business Administration (2003) from UNA Belo Horizonte. During his career, Mr. Yokoi was employed by BP Minerals, Brascan, Homestake Mining Company, Votorantim and JOGMEC and has consulted for CVRD, Placer Dome, and Meridian Gold. Mr. Yokoi has taken charge of Urex’s Rio Chubut Project, which includes the recently announced drill program on the Cerro Solo Block that comprises a seismic refraction geophysical survey and a 30 hole drill program. Urex’s Cerro Solo Claim Block borders Comision Nacional de Energia Atomica’s (“CNEA”) 10 million pound Cerro Solo Uranium Deposit. In addition, Mr. Yokoi will direct a comprehensive geologic review of the entire Rio Chubut Property (170,000 hectares) with the objective of screening uranium anomalies for future drill testing. Contacts Urex Energy Corp. Mr. Brad Long, Investor Relations Toll Free: 866-493-(URXE) 879 Direct: 360-332-4547: Email: info@urexenergy.com www.urexenergy.com
Thursday, 09:
(Peru)
The Achuar people have won a major victory and contaminated wetlands in the Amazon cleaned up after decades of pollution. Agreements between the government of Peru, the Achuar indigenous people and Argentinean oil company Pluspetrol mean that all production waters generated during petroleum extraction operations in the Abanico de Pastaza wetlands in northern Peru are to be re-injected into the subsoil by July 2008. Also US$13 million integrated health fund is to be created by Pluspetrol for local indigenous groups that have been ill affected by 30 years of contamination. The oil company will also provide training to communities to monitor and guarantee a fresh water supply.
Friday, 10:
(From a Press Release)
CALGARY, Alberta, Nov. 9 /CNW/ -- Gran Tierra Energy Inc. (OTC Bulletin Board: GTRE.OB) -- On November 3, 2006, the License Contract for the Exploration and Exploitation of Hydrocarbons covering Block 122 in Peru between Gran Tierra Energy Peru and PeruPetro S.A. was ratified by Supreme Decree and is now effective. With a 100% working interest, Gran Tierra Energy is operator of the block.
Block 122 is located on the eastern flank of the Maranon Basin in northern Peru, on the crest of the Iquitos Arch and covers 1.2 million acres. The License Contract defines a seven-year exploration term divided into four periods, each involving a minimum work/financial commitment. The minimum commitment for the first work period, which is mandatory, is $0.5 million. The potential commitment over the seven-year period is $5.0 million and includes technical studies, seismic acquisition and the drilling of one exploration well. The License Contract defines an exploitation term of thirty years for commercial discoveries of oil. Gran Tierra Energy, Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. The Company now holds interests in producing and prospective properties in Argentina, Colombia and Peru. To date, the Company has pursued a strategy that focuses on establishing a portfolio of producing properties, development and exploration opportunities, through selective acquisitions, to provide a base for future growth. Additional information concerning Gran Tierra is available at www.grantierra.com . Investor inquiries may be directed to info@grantierra.com or 1-800-916-GTRE (4873).
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