Falklands : Hydrocarbons Daily Record (25/04/07)
Submitted by Falkland Islands News Network (Juanita Brock) 26.04.2007 (Article Archived on 10.05.2007)
The weekly inventory report from the US Department of Energy Information Administration caused enough concern to increase the price of crude today.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 25 APRIL 2007
By J. Brock (FINN)
At 1800hrs LMT on Wednesday, 25 April 2007 Light Sweet Crude was trading at $65.84 up $1.26 on the New York Mercantile Exchange and Brent Crude was trading at $68.52 up $1.41 on London’s Ice Futures Market.
ANALYSIS:
The weekly inventory report from the US Department of Energy Information Administration caused enough concern to increase the price of crude today.
BRIEF INVENTORY REPORT FOR THE WEEK ENDING 20 APRIL 2007:
Crude: Up 2.1 Million Barrels to 334.5 Million Barrels. Analysts predicted a decrease of 1.2 Million barrels.
Gasoline: Stocks decreased by 2.8 Million Barrels. Analysts said it would increase by 200,000 barrels. This is the 12th straight week that US gasoline inventories decreased.
Distillates: Stocks remained flat at 117.3 million barrels. Analysts projected an increase of 400,000 barrels.
Refinery Capacity: Refinery capacity decreased by 2.6% to 87.8 %.
THE MARKETS
FTSE 100: 6,461.90 up 32.36
FTSE 250: 11,904.20 up 87.29
SmallCap: 4,078.40 up 11.60
DJI: 13.089.89 up 135.95
NASDAQ: 2,547.89 up 23.35
S&P 500: 1,495.42 up 15.01
REGIONAL DEVELOPMENTS:
(Bolivia)
Edgar Torrez Mosquiera the new Bolivian ambassador to Canada, has told the Canadian Media that his main priorities are in the areas of hydrocarbons, mining, health and education. Bolivia and Canada have established agreements in mining and hydrocarbon issues, offering technical and financial support to Bolivia. The agreement ends next year and plans are being implemented to renew it. Bolivia plans to introduce the training of female professionals in the hydrocarbon field. Mr. Torrez told the press there are plans to involve Bolivian citizens living in Canada in the political process in his country.
(Colombia)
From a Press Release by RNS
Chaco Resources Plc (AIM: CHP), the oil and gas explorer and developer focused
on South America, announces that drilling of the Sayona-1 well in the Primavera
block in the Llanos Basin of Colombia has been completed. The well, which was operated by Gran Tierra Energy, was drilled to 3,460ft into the basal sands. It did not encounter commercial quantities of hydrocarbons and will be plugged and abandoned. Chaco Resources had a 55% interest in the well.
The drilling rig will be demobilized once abandonment operations are completed. The two drilled structures appeared to have valid structural closure and the lack of commercial hydrocarbons could therefore be due to an insufficient source charge or hydrodynamic flushing of the reservoirs by formation water. Further study is required before any firm conclusions can be reached.
The current exploration phase terminates in May 2007. The Company is integrating the well data into the geological model in order to evaluate the future exploration potential of the block.
Competent person: Technical information in this announcement has been reviewed by Dr John Wardle Ph.D., the Company's Chief Executive. Dr Wardle has 23 years experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
For further information, call:
Jerry Keen, Blue Oar - 020 7448 4492
Billy Clegg/Caroline Stewart, FD - 0207 831 3113
(Venezuela)
The government of Venezuela announced on Wednesday that representatives of foreign oil firms decided to enter joint venture agreements with Venezuelan oil giant Pdvsa in the exploitation of heavy crude oil Orinoco belt.
Rafael Ramírez, Minister of Energy and Petroleum and CEO of Pdvsa explained that the step they took on Wednesday was in compliance with decree 5200 on hydrocarbons nationalization.
RELEVANT SHARE PRICES:
TLW: 369.75 down 0.75
DES: 26.50 down 1.25
FOGL: 88.00 Unchanged
RKH: 43.50 Unchanged
BOR: 26.50 down 0.50
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