Falklands : Hydrocarbons Daily Record Monday, 17 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 18.03.2008 (Article Archived on 01.04.2008)
An interesting move by Venezuela means that Euros will be used as a standard currency if Hugo Chavez has its way. The jury is out on whether this will hurt or help the standard crude price.
HYDROCARBONS DAILY RECORD MONDAY, 17 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 17 March 2008 Light Sweet Crude was trading at $$105.68 down $4.53 on the New York Mercantile Exchange. Brent Crude was trading at $101.75 down $4.45 on London’s ICE Futures Market.
ANALYSIS:
Crude prices slumped today when a bear market enabled sell-offs of energy stocks. With the dollar rebounding, however slightly, against some currencies the sell-off, while significant, was not as thorough as some had hoped.
An interesting move by Venezuela means that Euros will be used as a standard currency if Hugo Chavez has its way. The jury is out on whether this will hurt or help the standard crude price.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 17 March 2008.
TLW: 629.00 up 24.50, DES: 67.25 down 4.00, FOGL: 125.00 down 6.50 RKH: 83.00 down 4.00, BOR: 59.75 up 0.75 PRE: 13.00 down 0.25, GBP: 7.38 up 0.38 GPK: 406.00 unchanged, BLT 1465.00 down 125.00 RDSA: 1683.00 down 32.00 RDSB: 1646.00 down 42.00
New York Stock Exchange:
XOM: 85.79 down 0.12 (USD)
THE MARKETS (14/03/08)
FTSE100: 5,414.40 down 217.30, FTSE250: 9,380.70 down 325.37 SmallCap: 3,013.20 down 89.36
DJI: 11,972.25 up 21.16 NASDAQ: 2,177.01 down 35.48 S&P500: 1,276.60 down 11.54
INTERNATIONAL DEVELOPMENTS:
(Canada)
Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, announced its commitment to have EM and seismic studies performed to better locate hydrocarbon structures in sections of the "Arctic Commons." The Company has begun to interview European, U.S. and Canadian EM seismic specialty firms to determine who can best perform the task at the most reasonable cost for this expensive but necessary procedure.
http://www.marketwire.com/mw/release.do?id=832840 International oil major BP and regional refiner and marketer Irving Oil have entered into a Memorandum of Understanding to work together on the next phase of engineering, design, and f easibility for the proposed Eider Rock refinery in Saint John, New Brunswick, Canada. BP will contribute US$40 million as its share of funding for this stage of the study and the two companies will also investigate the possibility of forming a joint venture to build the refinery should they decide to proceed.
http://www.visavis.de/modules.php?name=djnews&djn_id=55450
(United States)
Wetaskiwin County residents now have a better understanding of the work involved in obtaining oil from the ground. During a regular meeting of the Wetaskiwin Synergy Initiative, Donald Hladiuk, exploration geologist and ConocoPhilips employee, lectured a group at the Angus Ridge Community Hall about the wonders of geology. The mission of WSI is to maintain a positive working relationship between energy companies and landowners. They also provide opportunities for education and awareness.
http://www.wetaskiwintimes.com/News/384991.html
(Spain and Venezuela))
Repsol YPF (NYSE:REP) and Vinccler Oil and Gas, the wholly-owned subsidiary of PetroFalcon Corporation (TSX:PFC), announced today the signing of a farm-in agreement on the Cardon IV Block in the Gulf of Venezuela.
http://www.pr-usa.net/index.php?option=com_content&task=view&id=85738&Itemid=9
(Russia and Bolivia)
Russian state energy giant Gazprom has signed a deal with Bolivian state company YPFB for preliminary studies of the Sunchal natural gas field in southern Bolivia.
Yacimientos Petroliferos Fiscales Bolivianos will hold a majority stake in the field, according to the contract signed Monday in La Paz. But the beleaguered Bolivian company will depend on Gazprom, the world's largest natural gas producer, to take the lead in drilling should the field prove fruitful.
http://www.iht.com/articles/ap/2008/03/17/business/LA-FIN-Bolivia-Gazprom.php
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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