Falklands : Hydrocarbons Daily Record (25 October 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 26.10.2007 (Article Archived on 09.11.2007)
Factors leading to the increase in crude prices today include supply fears, the weak dollar and sanctions against Iran.
HYDROCARBONS DAILY RECORD (25 OCTOBER 2007)
By J. Brock (FINN)
CRUDE PRICES Thursday, 25 October 2007:
Light Sweet Crude traded at $87.10 up $1.83 on the New York Mercantile Exchange. Brent Crude was trading at $84.37 up $1.52 on London’s ICE Futures Market.
ANALYSIS:
Factors leading to the increase in crude prices include supply fears, the weak dollar and sanctions against Iran. Hydrogen vehicles anyone?
THE MARKETS:
FTSE 100: 6,576.30 up 94.31, FTSE250: 11,480.50 up 201.99, SmallCap: 3,832.10 up 29.90
DJI: 13,671.92 down 3.33, NASDAQ: 2,750.86 down 23.90, S&P500: 1,514.40 down 0.56
INTERNATIONAL DEVELOPMENTS:
From A Press Release
(Kenya)
Vangold Resources Ltd, a Canadian Exploration Company, has signed a production sharing contract (PSC) with Kenya's Ministry of Energy to explore oil on Block 3A in the North Eastern Province. This is the third exploration contract to be signed with an international oil company in three weeks. The press release went on to say that Block 10A went to Camec International of the UK, Block 11 to the Geneva-based Swedish firm Lundin International and Block 3A to giant Vangold Resources. Kenya, it would seem, has decided to intensify efforts to find oil. At a recent ceremony in which Energy Minister Kiraitu Murungi signed the deal with Lundin, he said the ministry had come under pressure to explore for oil after its neighbours - Uganda, Tanzania, Somalia and Sudan - found the commodity. Energy permanent secretary Patrick Nyoike recently said the government will shoot its own seismic data and sell it to prospective oil explorers.
REGIONAL DEVELOPMENTS:
(Argentina and Bolivia)
The Latin American press reports that Repsol YPF plans to announce in the next month the results of exploration work at what could be a major natural gas field in southern Bolivia. Since February 2006, the Spanish – Argentine oil company has been exploring for hydrocarbons in Chuquisaca province, not far from the natural gas-rich Tarija region. Press reports go on to say that after meeting with Repsol/YPF officials on Wednesday, the governor of Chuquisaca province, David Sanchez said that he had great expectations that drilling could lead eventually to the development of a field bigger than Repsol/YPF’s Margarita field. In August government officials announced that Repsol YPF had agreed to invest some $900 million in Bolivia by 2010.
(Venezuela)
The 3rd discussion of the constitutional reform project proposed by the president, Hugo Chávez reports eleven more articles approved, completing sixty-one of the sections approved during the six sessions held by the National Assembly. with just seven regulations to be approved, articles sanctioned by the two-thirds of the N.A., this Tuesday and early in the morning of Wednesday 24th, were 300, 301, 302, 303, 305, 307, 318, 320, 321, 328 and 329. The national Law will establish the conditions for the creation of regional companies or entities, the promotion and realization of economic or social activities under the principle of the socialist economy.
(100X Translation Service)
(Chile)
Chile state oil company ENAP has announced its Aconcagua refinery was again operating at near normal levels and increasing capacity after a fire earlier in the month affected its (naphtha hydrotreater un-translated). The press release went on to say that the Aconcagua refinery has been processing around 15,000 cubic meters per day (95,000 bpd) since last week and that during the partial shut-down output had fallen to as low as 7,000 cubic meters/day after the Oct. 9 fire. The refinery has an average capacity of around 16,000 cubic meters per day.
(100X Translation Service)
RELEVANT SHARE PRICES:
(1800 LMT)
London Stock Exchange:
TLW: 616.50 up 6.50, DES: 28.25 unchanged, FOGL: 140.50 down 2.00, RKH: 46.00 unchanged, BOR: 37.00 unchanged, PRE: 14.00 unchanged, GBP: 10.25 unchanged, GPK: 425.00 down 1.00, BLT 1798.00 up 57.00 RDSA: 2067 up 11.00, RDSB: 2059.00 up 13.00, RDSD: 29.50 down 9.71.
New York Stock Exchange:
XOM: 91.57 down 0.56
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