Falklands : Hydrocarbons Daily Record Tuesday, 23 September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 24.09.2008 (Article Archived on 08.10.2008)
Crude prices declined today due to concerns about whether Congress will deliver on the US Government’s bail-out of the multi-faceted Insurance company, AIM.
HYDROCARBONS DAILY RECORD TUESDAY, 23 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 23 September 2008 Light Sweet Crude was trading at $106.71 down $2.76 on the New York Mercantile Exchange. Brent Crude was trading at $103.08 down $2.96 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today due to concerns about whether Congress will deliver on the US Government’s bail-out of the multi-faceted Insurance company, AIM. Indeed, crude prices needn’t have increased so dramatically yesterday because demand, that key HRD often mentions, is down and there is no use storing expensive crude or its products at expensive prices if people aren’t going to buy them.
HDR advocates seeking alternatives to hydrocarbons products wherever and whenever possible and, if no alternatives are available, the wise use of hydrocarbons products by insulating houses, taking public transport whenever possible and cutting out unnecessary road journeys.
It is important to note that Governments building industries reliant on the use of hydrocarbons products – such as the building of airports – should count the cost before spending money. With air travel down, it is wise to consider putting off such projects until a greater proportion of the population can afford to fly.
RELATED ARTICLES:
(Crude Prices)
Crude oil fell for the first time in a week on skepticism that a U.S. government bailout plan for financial companies will bolster economic growth and fuel demand.
http://www.bloomberg.com/apps/news?pid=20601101&sid=atl4ecjVKhto&refer=japan
Oil prices fell on Tuesday in choppy trade marked by profit-taking one day after New York crude soared more than 16 dollars in its biggest-ever daily jump.
http://afp.google.com/article/ALeqM5jtwXoAnq5Aol1bHW2mkXHmd7nrfQ
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 23 September 2008
TLW: 765.00 down 37.00, DES: 66.75 down 3.50, FOGL: 96.00 down 6.00 RKH: 52.50 down 1.00 BOR: 44.25 down 2.75, BPC: 4.50 down 0.13 PRE: 11.25 unchanged GBP: 5.88 down 0.13, GPK: 372.50 unchanged, BLT 1435.00 down 34.00, RDSA: 1710.00 down 2.00, RDSB: 1644.00 up 8.00
New York Stock Exchange:
XOM: 77.69 down 1.19 (Trading in USD)
THE MARKETS (23/09/08)
FTSE100: 5,136.12 down 100.14 FTSE250: 8,454.58 down 298.43 SmallCap: 2,616.83 down 54.56
DJI: 10,854.17 down 161.52 NASDAQ: 2,153.33 down 25.65, S&P500: 1,188.22 down 18.87
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 12/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Petrolia Inc. (CA:PEA: news, chart, profile) - In order to select the best drilling locations, Petrolia has successfully completed a large-scale geochemical and geo-microbial survey on Anticosti Island. The Company has applied this unconventional geochemical technique in order to prioritize, amongst a number of structures that have already been detected by seismic, the ones most likely to contain hydrocarbons. This type of survey has been successfully used worldwide for some time, and has located a number of oil fields. In this survey, a total of 1,700 samples were collected throughout the island, at a cost of about $500,000.
http://www.marketwatch.com/news/story/petrolia-currently-planning-its-drilling/story.aspx?guid=%7BB94D1050-5A91-46B6-B400-88B795A1C772%7D&dist=hppr
(Cuba and Venezuela)
Cuba and Venezuela are considering the reactivation of a 189-km pipeline linking Cuba's northern and southern coasts, making it easier to distribute oil from their jointly operated refinery in the city of Cienfuegos.
http://www.ogj.com/display_article/340211/120/ARTCL/none/Trasp/1/Cuba-Petroleo,-PDVSA-to-reactivate-Cuban-pipeline/
(North Sea Oil)
Nautical Petroleum (AIM:NPE), the independent E&P company focused on the development of heavy oil assets in the UK and Europe is pleased to announce that the Kraken appraisal well 9/2b-3 spudded on 21st September 2008 using the 'Sedco 704' drilling rig.
http://www.youroilandgasnews.com/news_item.php?newsID=11108
Maersk Oil North Sea UK Limited announced today (Tuesday 23 September 2008) that it has started production from the first phase of a $600 million (gross) major extension of its Dumbarton field project.
http://www.youroilandgasnews.com/news_item.php?newsID=11055
REGIONAL DEVELOPMENTS:
(Bolivia)
Although it is nationalizing its energy sector, Bolivia has invited Russian energy giant Gazprom and France's Total to jointly hold a 49% stake in the Acero block, located in southeastern Bolivia's gas-bearing Subandino Sur basin.
http://en.rian.ru/analysis/20080922/117029439.html
(Brazil)
"Crude oil remains deeply oversold on an intermediate-term basis, suggesting a rally sometime in the early fall," says Dennis Slothower.
http://www.bloggingstocks.com/2008/09/23/brazilian-drilling-with-petroleo-brasileiro-pbr/
(Ecuador)
Brazilian oil company Petrobras has agreed to give back to Ecuador a controversial oilfield in the heart of the Amazon jungle, President Rafael Correa said on Saturday.
http://www.youroilandgasnews.com/news_item.php?newsID=11049
(Venezuela)
Russian gas monopoly Gazprom and Venezuelan state-owned oil company PDVSA have signed a memorandum of understanding on the Blanquilla Oeste y Tortuga project for the exploration and production of natural gas on the shelf, its supply to the domestic market, as well as liquefaction and export of gas.
http://www.redorbit.com/news/business/1564940/gazprom_pdvsa_sign_agreement_for_development_of_venezuelan_hydrocarbon_project/
LOCAL DEVELOPMENTS:
(FOGL)
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces Interim Results for the six months ended 30 June 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1966051&source=RNS
Falkland Oil and Gas Ltd. (FOGL.L: News ) reported first-half loss attributable to equity holders of GBP 1.12 million or 1.21 pence per share, compared to loss attributable to equity holders of GBP 631 thousand or 0.69 pence per share last year.
http://www.rttnews.com/ArticleView.aspx?Id=718309&SMap=1
Falkland Oil and Gas (FOGL) expects drilling on its prospects to start next year after losing an interim £1.1 million.
http://www.growthcompany.co.uk/news-and-comment/646681/fogl-prepares-for-2009.thtml
(Borders & Southern)
Credit Suisse Securities (Europe) Limited , Credit Suisse International and Credit Suisse Securities (USA) LLC are a division of Credit Suisse ("CSIBD"), which is part of the Credit Suisse Group ("CSG"). CSIBD is a segregated business unit within CSG with an independent management structure and exercises its voting rights independently from other divsions of CSG
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1966308&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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