Falklands : Hydrocarbons Weekend Record (25 and 26 November 2006)
Submitted by Falkland Islands News Network (Juanita Brock) 26.11.2006 (Article Archived on 10.12.2006)
The Achuar people have won a major victory against pollution from an oil refinery.
HYDROCARBONS WEEKEND RECORD: 25 AND 26 NOVEMBER 2006
By J. Brock (FINN)
WEEKEND DEVELOPMENTS
(Peru and Ecuador)
More than 800 Achuar from the borders of Peru and Ecuador, headed by their traditional leaders arrived last month by the boatload at four oil wells in the middle of the Amazonian rain forest. The loss of millions of dollars in revenue and around 40,000 barrels of oil per day forced the government and Pluspetrol, Peru's largest oil and gas operator, to concede to most of the Achuar's demands, including re-injecting all the contaminated waste water back into the ground within two years, and building a new hospital with enough money to run a health service for 10 years. They formed a peaceful blockade of Peru's largest oil facility and stayed for nearly two weeks, shutting down power to most of the region's oil production facilities, and its road, airport and river access, in a desperate attempt to get the Peruvian government to take notice of their plight that for decades had been heavily polluting waters. The Achuar had been poisoned by oil exploration, but they had been consistently ignored. The Achuar number around 8,000 in Peru's vast Amazon region of Loreto . It was the only time in 36 years of oil exploration and extraction in their area that the state had intervened. (100X Translation Service)
WEEKLY CRUDE PRICES:
Monday, 20: Light Sweet Crude - $58.60, Brent Crude - $58.37
Tuesday, 21: $60.17 $60.23
Wednesday, 22: $59.24 $59.49
Thursday, 23: $58.66 $58.97
Friday, 24: $59.77 $60.11
WEEKLY TRENDS:
Monday, 20: Iraq resuming oil production, warm winter weather predictions in the US and OPEC’s reluctance to initiate a cut in production all added to a drop in the price of crude today.
Tuesday, 21: Severe Weather in Alaska that prevent tankers from leaving port has been blames by a 2/3rds cut in output in the US. This added to the price of crude today.
Wednesday, 22: An easing in weather conditions on Alaska’s coast as well as an excellent report about inventories has caused the price of crude to drop today.
Thursday, 23: Good inventory figures were the main factor in the lower price for crude today.
Friday, 24: An attack on a Nigerian oil facility as well as thin trading added to the price of crude today.
WEEKLY REGIONAL DEVELOPMENTS:
Monday, 20: (Venezuela) Venezuelan President Mr. Hugo Chavez and that country’s oil ministry (MEP) have announce a new gas to liquids project – Compligo Criogenico de Occidents (CCO). It is thought the liquefied natural gas would be used as a substitute for gasoline in the country’s vehicles thus increasing Venezuela’s crude exports. The gas to liquids plant is thought to cost in the region of $900Million. The announcement went on to say that PDVSA Gas will operate the plant, expected to be operational by December 2008. Once operational the plant should produce approximately 70,000 BPD.
Tuesday, 21: (Venezuela and the United States) Venezuela's government is delivering discounted heating oil to low-income New Yorkers for the second straight year, Citgo, a subsidiary of Venezuela's state-owned oil company, delivered the first of the heating fuel to an apartment building in the Bronx. The programme, begun last year, is part of a promise Venezuelan President Hugo Chavez made to assist America's poor. More than 25 million gallons of fuel at a 40 percent discount will be delivered to approximately 100,000 households in the New York City area.
Thursday, 23: (Bolivia and Brazil) The price of Bolivia’s natural gas is being negotiated in Santa Cruz. Yacimientos Petroliferos Fiscales Bolivianos (YPFB), and Brazilian Petrobras, both State run companies, are taking part in the talks. YPFB President Juan Carlos Ortiz and Brazilian officials will assess the proposal to raise tariffs of the gas it pumps to Petrobras. The current charge is $4 per million British thermal units. Both State run energy companies began negotiations in June.
Friday, 24: (From a Press Release) Argentina's Río Negro province government has announced that it has pre-awarded exploration permits for four hydrocarbons blocks in the Neuquén basin. It pre-awarded the Laguna El Loro block to US oil company Cliveden; the Laguna de Piedra block to Korean oil firm Golden Oil; the Loma de Kauffman block to Argentine oil firm Interenergy; and the Cinco Saltos block to Argentine oil firm Pluspetrol. It is estimated that the investmen could be as much as US$80mn in total over two years. The province's government aims to award and sign the contracts at the end of December 2006.
RELEVANT SHARE PRICES:
Monday, 20: DES – 35.25, FOGL – 82.50, RKH – 40.00, BDR – 37.50, TUL – 405.50
Tuesday, 21: DES – 35.00, FOGL – 82.00, RKH – 40.00, BDR – 37.50, TUL – 412.00
Wednesday, 22: DES – 35.00, FOGL – 81.50, RKH – 40.00, BDR – 37.50. TUL – 402.00
Thursday, 23: DES – 35.00, FOGL – 81.00, RKH – 40.00, BDR – 37.50, TUL – 404.50
Friday, 24: DES – 35.25, FOGL – 79.00, RKH – 40.00, BDR – 37.50, TUL – 402.00
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