Falklands : Hydrocarbons Daily Record (19/04/07)
Submitted by Falkland Islands News Network (Juanita Brock) 20.04.2007 (Article Archived on 04.05.2007)
According to an IHS report Iraq has twice the oil in reserve than originally estimated. This helped to drop the price of crude today.
HYDROCARBONS DAILY RECORD: THURSDAY, 19 APRIL 2007
By J. Brock (FINN)
At 1800hrs LMT on Thursday, 19 April 2007 Light Sweet Crude was trading at$61.82 down $1.30 Cents on the New York Mercantile Exchange and Brent Crude was trading at $65.94 down 10 Cents on London’s Ice Futures Market.
ANALYSIS:
Iraq has twice the oil than estimated according to an IHS report. This helped to decrease the price of crude today. The report is in direct contrast to speculation that the world is running out of oil reserves.
THE MARKETS
FTSE 100: 6,440.60 down 8.76
FTSE 250: 11,799.00 down 75.61
SmallCap: 4,056.00 down24.14
DJI: 12,808.63 up 4.79
NASDAQ: 2,505.35 down 5.15
S&P 500: 1,470.73 down 1.77
INTERNATIONAL DEVELOPMENTS:
An Up and coming publication by IHS Inc., a global provider of critical technical information and consulting services, will feature the first and only detailed analysis of oil reserves, production and development opportunities developed since the start of the Iraq conflict. Information in the atlas indicates that Iraq has an extra 100 Billion barrels of oil reserves in its western desert, making that country’s total reserves second after Saudi Arabia.
REGIONAL DEVELOPMENTS:
(South America)
A much awaited regional Energy Alliance is now a reality, with presidents of South American countries agreeing to it after a summit on Venezuela’s Margarita Island. Tuesday’s summit concluded with a consensus that a regional energy council should be created. This is a major development for the regional energy industry.
(Chile and Venezuela)
Venezuela and Chile have agreed to increase economic ties by forming a joint venture to develop Venezuela's Orinoco Belt. Petroleos de Venezuela SA and Chile's national oil company, Empresa Nacional de Petroleo, known as Enap have agreed to work together, to certify heavy-crude reserves in the Orinoco's Ayacucho Block 5. Venezuela’s President Chavez is pushing out four privately operated foreign joint ventures in favour of new joint ventures formed with other state firms. Among the new joint ventures are those from Argentina, Belarus, Brazil, Cuba, China, Iran and Russia.
(Falkland Islands)
RELEVANT SHARE PRICES:
TLW: 362.25 down 2.75
DES: 24.75 down 1.25
FOGL: 88.00 Unchanged
RKH: 42.50 up 7.50
BOR: 27.50 Unchanged
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