Falklands : Hydrocarbons Daily Record (24/01/07)
Submitted by Falkland Islands News Network (Juanita Brock) 25.01.2007 (Article Archived on 08.02.2007)
A clearer view of inventories in the US shows that gasoline is up by 4 million Barrels to 220.8 million barrels and in the US crude supplies are up by 700,000 barrels to 322.2 million barrels. This news was offset by the pledge by President Bush in last night’s State of the Union message to double the size of US reserves. Also colder weather in the US as well as renewed fears that OPEC will cut production helped to increase the price of crude today.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 24 JANUARY 2007
By J. Brock (FINN)
At 1800 LMT on Wednesday, 24 January 2007 Light Sweet Crude gained .33 Cents to settle at $55.37 on the New York Mercantile Exchange and Brent Crude increased .33 Cents to settle at $55.43 on London’s ICE Futures Market.
TRENDS:
A clearer view of inventories in the US shows that gasoline is up by 4 million Barrels to 220.8 million barrels and in the US crude supplies are up by 700,000 barrels to 322.2 million barrels. This news was offset by the pledge by President Bush in last night’s State of the Union message to double the size of US reserves. Also colder weather in the US as well as renewed fears that OPEC will cut production helped to increase the price of crude today.
THE MARKETS:
FTSE 100 closed at 6,314.80 up 87.19
FTSE 250 closed at 11,192820 up 90.60
FTSE Small Cap closed at 3.955.30 up 11.42
DJI closed at 12,621.77 up 87.97
NASDAQ closed at 2,466.28 up 34.87
S&P500 closed at 1,440.13 up 12.14
WORLD-WIDE DEVELOPMENTS:
(Kurdistan)
Kurdistan Regional Government Oil Minister Ashti Hawrami has said an agreement has not been finalised for a federal hydrocarbons law. Nonetheless the oil ministry has assured everyone that the law would be voted on soon. He went on to say that the Kurds northern region has not agreed to the proposed oil law because several issues need to be resolved and the ministry of oil statement was premature. Negotiations have been ongoing for months and are bogged down on control and revenue sharing issues between central and regional governments.
REGIONAL DEVELOPMENTS:
(Peru)
Peru’s Mines and Energy Ministry has announced bidding for onshore blocks primarily located in the Marañón and Ucayali basins. Blocks 130, 134, 135, 136 and 137 are in the Marañón basin, while blocks 131, 132, 138 and 139 are in the Ucayali basin. Other onshore blocks include block 25 in the Talara basin, block 140 in the Huallaga basin, and block 141 in the Titicaca basin. Offshore blocks include in the tender are the Salaverry basin's Z-48 and Z-49 blocks, the Trujillo basin's Z-46 and Z-47 blocks as well as block Z-45 in the Talara-Sechura basin. Rules for submitting bids are available on the Ministry’s website today.
(Venezuela)
Petróleos de Venezuela, a State-run oil holding Petróleos will dispatch to Guyana up to 5,200 bpd of hydrocarbons through subsidiary PDV Caribe. An agreement struck on Tuesday by Pdvsa marketing and supply manager Asdrúbal Chávez and Guyana's Energy Agency CEO Joseph O'Lall will ensure that it is, executed in the context of the “Agreement for Energy Cooperation (Petrocaribe).” The supply of by-products based on the nation requirements is also included in the agreement. Provisions in the agreement accounts for 50 percent of Guyana's daily consumption of 10,000 bpd.
(Falkland Islands)
(From a Press Release)
For immediate release 24 January 2007 Desire Petroleum ('Desire' or 'the Company') Company Update
Desire Petroleum plc (AIM: DES), the oil and gas exploration company wholly focused on the North Falkland basin, today announces an update on its activities.
The Company has taken delivery, in Aberdeen, of long lead time items, including the casing, tubulars and wellheads required for the planned 3 well drilling programme in the Falkland Islands. This equipment, valued at around £2.75 million, represents a significant part of the down-hole materials required for the drilling operation. The equipment will be stored near Aberdeen until required for the drilling campaign. It should be noted that since the order was placed in early 2006 the cost of this equipment has risen significantly.
The Company continues to pursue a number of avenues in seeking to obtain a rig for drilling in the North Falkland Basin. In addition to continuing discussions with rig owners and potential farm-in partners, Desire is investigating the option of joining with the other operators in the Falklands to conduct a joint drilling campaign along the lines of the 1998 drilling campaign. The Directors believe that a multi-well joint campaign is likely to be of much greater interest to rig owners than a Desire stand-alone 3 well programme.
In December 2006 Dr Colin Phipps the Chairman of Desire underwent a successful operation and is currently convalescing prior to commencing a further course of treatment. Dr Phipps continues to keep up-to-date with the Company's progress but, pending his full recovery, his duties as Chairman will be undertaken by Stephen Phipps who has been appointed Acting Chairman by the Board. For further information please contact:
Desire Petroleum plc 020 7436 0423
Stephen Phipps, Acting Chairman
Dr Ian Duncan, Chief Executive Officer
Buchanan Communications 020 7466 5000
Ben Willey
Tim Thompson
Ben Romney
Relevant Share Prices for Wednesday, 24 January 2007:
Tullow Oil up 3.50 to settle at 405.75
Desire Petroleum down -2.50 at 31.00
FOGL Up 1.50 to 90.00
Rockhopper Exploration unchanged at 38.00
Borders & Southern unchanged at 34.00
|
