Falklands : Hydrocarbons Daily Record Tuesday, 29 January 2008
Submitted by Falkland Islands News Network (Juanita Brock) 30.01.2008 (Article Archived on 13.02.2008)
Crude prices have ratcheted up with the market. If hydrocarbons products are priced too high people won't buy them.
HYDROCARBONS DAILY RECORD: TUESDAY, 29 JANUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 29 January 2008 Light Sweet Crude was trading at $91.68 up 65 Cents on the New York Mercantile Exchange. Brent Crude was trading at $92.05 up 67 Cents on London’s ICE Futures Market.
ANALYSIS:
Another market-driven day has ratcheted up the price of crude. During a time when crude prices need to go down to relieve people suffering through the cold northern winter crude prices need to go down so we can heat our homes and have money left over to buy something to eat. Even people in the new tiger economies can feel the pinch and, while their GNP is phenomenal, wages are not keeping up with price increases and even they are economising. Demand is the key and if people buy less the price will come down, or product will remain unsold.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 29 January 2008.
TLW: 565.00 up 16.000, DES: 27.75 up 1.75, FOGL: 118.50 up 2.00, RKH: 50.50 up 2.50, BOR: 42.00 nchanged, PRE: 14.00 unchanged, GBP: 7.36 up 0.25, GPK: 435.00 down 1.00, BLT 1449.00 up 55.00, RDSA: 1808.00 down 11.00, RDSB: 1766.00 down 10.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.08 down 0.05 (Trading in USD)
THE MARKETS
FTSE100: 5,885.20 up 96.35, FTSE250: 9,905.40 up 264.92 SmallCap: 3,141.30 up 28.95.
DJI: 12,480.30 up 96.41, NASDAQ: 2,358.06 up 8.16, S&P500: 1,362.30 up 8.33
INTERNATIONAL DEVELOPMENTS:
(Mexico)
A Mexican opposition party threatened to boycott congressional sessions in a bid to hinder an energy reform package backed by President Felipe Calderon.
http://www.bloomberg.com/apps/news?pid=20601086&sid=ajEr0NwKwvr4&refer=latin_america
REGIONAL DEVELOPMENTS:
(Argentina)
Pan American Energy on Tuesday informed the Buenos Aires Stock Exchange of its discovery of new oil and gas reserves in southern Argentina equivalent to 100 million barrels of crude.
http://www.tradingmarkets.com/.site/news/Stock%20News/1040169/
Argentina's No. 2 oil producer, BP PLC (BP)-controlled Pan American Energy, has announced a mild increase in reserves, of 100 million barrels of oil equivalent, at the 50-year-old Cerro Dragon field it operates.
http://www.easybourse.com/bourse-actualite/bp/argentina-pan-american-upgrades-oil-reserves-at-cerro-dragon-GB0007980591-383422
Petrobras' Argentine subsidiary Petrobras Energia, has sold 40% of its stake in Argentina Petroquimica Cuyo to Admire Trading Company (Buenos Aires, Argentina) and Grupo Inversor Petroquimico (Petrochemical Investment Group for US$32 mln. Admire Trading Company currently holds 50.5% shares in the plant.
http://www.plastemart.com/plasticnews_desc.asp?news_id=11595&P=P
An Argentinean judge Monday summoned former Vice-President with state-run oil corporation Petróleos de Venezuela (Pdvsa) Diego Uzcátegui Matheus and his son Daniel Uzcátegui Specht, in the scandal of the suitcase filled with cash that Venezuelan businessman Guido Antonini tried to bring in Argentina, reported Efe.
http://english.eluniversal.com/2008/01/28/en_caval_art_argentinean-judge-su_28A1335643.shtml
(Brazil)
Siem Consub SA entered into an agreement with Petrobras to build two fast supply vessels (FSV) for contracts of eight firm years and eight years of options.
http://www.energycurrent.com/index.php?id=2&storyid=8476
(Colombia)
Solana Resources Ltd, a Canadian oil and gas explorer operating in Colombia, said a discovery there could hold as much as 50 million barrels.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aeQUCcloh0Os&refer=canada
(Ecuador)
Changes in the oil and mining sectors are the Ecuadorian government's top priorities on Monday, aimed at increasing income and guaranteeing that those resources are State-run.
http://www.plenglish.com/article.asp?ID=%7BE0F2CD46-7A30-4FFC-8B2A-964AEC9332A4%7D)&language=EN
Ecuador has begun renegotiating contracts with five international oil companies in an effort to boost state control over the country's crude oil reserves. Under current contracts, foreign companies own the oil they extract.
http://www.pennenergy.com/display_article/318410/7/PRARC/none/GenIn/1/Ecuador-revises-oil-contracts-with-IOCs-to-gain-control/
Ecuador's President Rafael Correa, advancing a deadline mooted earlier, said Jan. 26 that international oil companies operating in his country—including City Oriente, Petroleo Brasileiro SA (Petrobras), Perenco, Repsol-YPF SA, and Andes Petroleum—would have 45 days to accept new agreements.
http://www.pennenergy.com/display_article/318508/7/PRARC/none/GenIn/1/Ecuador-gives-IOCs-'new-contract'-deadline/
(Peru)
Peru's state-owned Petroperu, in an effort to increase output by as much as 50%, announced plans to modernize its largest refinery this year. Bidding is to begin in March.
http://www.ogj.com/display_article/318412/7/ONART/none/Prong/1/Petroperu-to-upgrade-Talara-refinery/
(Venezuela)
Moody's Investors Service said the reported increase in Petroleos de Venezuela's (PDVSA) total consolidated debt to 16 bln usd in 2007 from about 2.9 bln usd at the end of 2006, will not affect PDVSA's 'B1' global local currency issuer rating with a stable outlook.
http://www.forbes.com/markets/feeds/afx/2008/01/28/afx4579280.html
LOCAL DEVELOPMENTS:
Local businesses are bracing themselves for the exploration drilling phase of our hydrocarbons industry. In February a team from FOGL and BHP Billiton will visit the Falklands for familiarisation and looking for suitable infrastructure for shore-based operations, which should be minimal.
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
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