Falklands : Hydrocarbons Daily Record Monday, 29 September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 30.09.2008 (Article Archived on 14.10.2008)
Whether rightly or wrongly – history will tell - the US House of Representatives has voted not to sanction the $700Billion bail-out of AIG – a huge multi-faceted insurance company and other entities in the US financial system.
HYDROCARBONS DAILY RECORD MONDAY, 29 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 29 September 2008 Light Sweet Crude was trading at $96.36 down $10.52 on the New York Mercantile Exchange. Brent Crude was trading at $93.58 down $9.56 on London’s ICE Futures Market.
ANALYSIS:
Whether rightly or wrongly – history will tell - the US House of Representatives has voted not to sanction the $700Billion bail-out of AIG – a huge multi-faceted insurance company and other entities in the US financial system. This caused crude prices to drop sharply today.
At the heart of the House’s refusal is the concept that you don’t reward irresponsible banking. There is disgust at failed bankers receiving any hand-shake at all, let alone a golden one for services criminally rendered. There was pressure from taxpayers that felt they shouldn’t be funding these handshakes anymore.
One analyst had mentioned that those who made money out of this will probably be very comfortable in these financially volatile times. He has it generally right. We teach out children that honesty pays, but fraud and ineptness seem to be better payers nowadays.
RELATED ARTICLE:
(The Decision’s Ramifications)
Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, after the government's financial bailout package failed to survive a vote in the House.
http://www.etaiwannews.com/etn/news_content.php?id=751562
New Zealand stock market opened sharply lower on Tuesday, in line with the carnage seen overnight on Wall Street, where U.S. stock indices plummeted about 7 percent after the House of Representatives failed to approve the US$700 billion plan to rescue the nation's troubled financial industry.
http://www.rttnews.com/Content/AsianMtUpdates.aspx?Node=B3&Id=725455
Stocks listed on the Australian Securities Exchange are likely to be in for a shellacking today, led down by the financial and resources sectors, after the US House of Representatives rejected a $US700 billion rescue package this morning.
http://www.thewest.com.au/default.aspx?MenuID=3&ContentID=100289
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 29 September 2008
TLW: 707.00 down 31.00, DES: 51.25 down 12.25, FOGL: 88.00 down 7.00 RKH: 49.50 down 2.25 BOR: 29.00 down 12.75, BPC: 4.38 unchanged PRE: 11.00 down 0.25 GBP: 6.13 unchanged, GPK: 372.50 up 5.00, BLT 1232.00 down 137.00, RDSA: 1630.00 down 71.00, RDSB: 1574.00 down 80.00
New York Stock Exchange:
XOM: 74.06 down 6.59 (Trading in USD)
THE MARKETS (29/09/08)
FTSE100: 4,818.77 down 269.70 FTSE250: 7,792.93 down 481.51 SmallCap: 2,452.89 down 96.96
DJI: 10,365.45 down 777.68 NASDAQ: 1,983.73 down 199.61, S&P500: 1,106.42 down 106.59
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 19/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Global warming and the ever-rising price of oil should result in nothing short of a sea change in the number of foreign-flagged vessels transiting Canadian waters in the near future.
http://www.lawyersweekly.ca/index.php?section=article&articleid=773
(Spain)
Seventeen companies from the regions of Murcia and Almeria have signed a contract with Repsol YPF to participate in work to enlarge the petrol refinery at Valle de Escombreras, Cartagena.
http://www.costablancaleader.com/news/article.php?article_id=16628&article_section_id=1
REGIONAL DEVELOPMENTS:
(Brazil)
COSCO Dalian Shipyard has signed four tanker-based FPSO conversion projects with MODEC. One of these, SONG DOC PRIED MV19 has already been delivered to TSJOC, and another VLCC, Apollo Shoju, has been renamed FPSO Cidade de Niteroi MV18, the company says.
http://www.offshore-mag.com/display_article/340902/120/ARTCL/none/VESSL/1/COSCO-wins-tanker-based-FPSO-conversion-projects/
(Venezuela and Russia)
Venezuela has accepted Russia's proposal to cooperate in building nuclear reactors and the two countries have set up a working group, Venezuelan President Hugo Chavez said last Sunday.
http://en.rian.ru/analysis/20080929/117273136.html
LOCAL DEVELOPMENTS:
(Adjacent)
GeoPark Holdings Limited ("GEOPARK" or the "Group"), the Latin American oil and gas exploration and production company with producing properties in Chile and Argentina (AIM: GPK), is pleased to announce its interim results for the six months ended 30 June 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1972322&source=RNS
(BPC)
BPC Limited, formerly named Falkland Gold and Minerals Limited, the oil and gas exploration company with licences in The Bahamas, is pleased to announce the interim results of the BPC group for the six months ended 30 June 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1972306&source=RNS
(FOGL)
Start Date: Exploration drilling is expected to commence in 2009. Objective: Drilling in deep water has become common place over the last 10-15 years. Well proven technologies exist to handle the water depths and ocean conditions present in our licence areas. Nevertheless, great care is required to drill a well safely and efficiently. As a consequence a significant amount of time and effort will be spent on forward planning to ensure a successful outcome is achieved. The selection of the optimum drilling rig is based not only on water depth, metocean conditions and safety standards, but also on the anticipated ‘downhole' conditions. A thorough well prognosis leads to a detailed well design which incorporates an assessment of the likely pressure and temperature regimes that are expected to be encountered.
http://www.fogl.co.uk/operations/2008/drilling.asp
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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