Falklands : Hydrocarbons Daily Record Sunday, 25 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 25.05.2008 (Article Archived on 08.06.2008)
Rises in Light Sweet Crude prices today are due largely to rising consumption in China, the weak dollar and a flood of investors.
HYDROCARBONS DAILY RECORD SUNDAY, 25 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 23 May 2008 Light Sweet Crude was trading at $132.19 up $1.38 on the New York Mercantile Exchange. Brent Crude was trading at $130.97 down $1.41 on London’s ICE Futures Market.
ANALYSIS:
Rises in Light Sweet Crude prices today are due largely to rising consumption in China, the weak dollar and a flood of investors.
RELATED ARTICLES:
(Price Rise affects Economy)
The week saw major rallies in crude oil and rubber prices even as inflation persisted at above 7.5 percent levels. For the coming week, rising energy prices are likely to boost demand for gold while demand for sugar is likely to be flat.
http://www.commodityonline.com/news/topstory/newsdetails.php?id=8722
(Hydrocarbons Emissions and Global Warming)
The world is losing momentum in the battle against global warming, the U.N. climate chief warned on Saturday, and he urged environment ministers from wealthy nations to revive the effort by setting clear targets for reducing greenhouse gases.
http://www.iht.com/articles/ap/2008/05/24/asia/AS-GEN-Japan-G8-Environment.php
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 23 May 2008.
TLW: 921.50 down 24.50, DES: 107.00 up 2.25, FOGL: 162.00 unchanged RKH: 110.00 up 1.50, BOR: 117.75 up 6.25 PRE: 13.75 unchanged, GBP: 8.75 down 0.50, GPK: 424.00 down 5.00, BLT 2010.00 down 100.00, RDSA: 2162.00 down 34.00 RDSB: 2128.00 down 41.00
New York Stock Exchange:
XOM: 90.70 down 1.81 (USD)
THE MARKETS (23/05/08)
FTSE100: 6,087.30 down 94.26, FTSE250: 10, 077.60 down 109.31 SmallCap: 3,163.20 down 15.00
DJI: 12,479.63 down 145.99 NASDAQ: 2,444.67 down 19.91 S&P500: 1,375.93 down 18.42
INTERNATIONAL DEVELOPMENTS:
(North Sea)
Eni SpA is likely to clinch the majority stake in Belgium natural gas supplier Distrigas SA in the coming week, which would allow the Italian energy company to boost its negotiation power with state-owned companies, such as OAO Gazprom.
http://online.wsj.com/article/SB121171925249220175.html?mod=googlenews_wsj
Two people were exposed to gas during the incident on Statfjord A platform - 125 miles west of the Norwegian coastal city of Bergen in the North Sea - but no one was seriously injured.
http://www.sundaymail.co.uk/news/uk-and-international-news/2008/05/25/british-oil-workers-in-gas-blast-fear-78057-20428359/
(United Kingdom)
The UK has formally laid claim to 200,000 sq km of the Atlantic seabed surrounding Ascension Island as the international race to establish sovereignty over underwater territories gains momentum.
http://www.guardian.co.uk/world/2008/may/24/antarctica.arctic?gusrc=rss&feed=uknews
The Government has revealed it has submitted a claim to the United Nations which, if approved, would give it exclusive mineral rights to everything under the seabed surrounding a huge area around the British dependency of Ascension Island in the mid-Atlantic. And North based firm Soil Machine Dynamics (SMD) would be set to benefit from any deep sea mining as they are world leaders in producing equipment used to operate in some of the most inhospitable areas of the world.
http://www.sundaysun.co.uk/news/north-east-news/2008/05/25/oil-s-well-at-mining-firm-79310-20970638/
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivian President Evo Morales on Tuesday demanded foreign energy companies in Bolivia to increase their investment in gas and oil production, in order to boost supplies for both foreign and domestic demand.
http://www.petroleumworld.com/story08052213.htm
(Brazil)
Not the Organization of Petroleum Exporting Countries. It lost control of the markets 20 years ago. Not Big Oil. It contributes only a sliver of global oil supply. Not the government. The U.S. investment in oil is relatively small.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-oil_25bus.ART.State.Edition2.466a9bf.html
(Ecuador)
A leadership change took place this week at Ecuador’s state-owned oil company following news that the firm would fall short on production goals, even as crude oil prices soared above $130 a barrel. The shakeup coincides with a visit from Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Abdalla Salem El-Badri, who also made a stop in Venezuela, South America’s other OPEC member country. Speaking from Quito, El-Badri blamed speculation and a weak dollar for surging oil prices. “Even if we increase output tomorrow, the prices will not come down tomorrow,” he told Reuters.
http://www.as-coa.org/article.php?id=1083
(Peru)
Juan Valdivia, the Andean country's minister of energy and mines explained that the government's decision to stop subsidizing had been taken to reduce the amount of money being placed in the stabilization fund, thus saving the country an important sum of money.
http://www.livinginperu.com/news-6511-miningenergy-perus-government-not-continue-subsidizing-95-97-octane-gasoline
(Uruguay)
The Global Renewable Energy Forum was held at the Bourbon Cataratas Hotel, in Foz do Iguaçu, Brazil, from 18-21 May 2008. The Forum, which was jointly organized by the United Nations Industrial Development Organization (UNIDO), the Brazilian Ministry of Mines and Energy, Eletrobras and Itaipu Binacional, brought together over 1000 participants and 80 accredited media from more than 50 countries, including high-level representatives and experts in energy and industry from Latin American, African and other countries, as well as representatives from UN agencies, bilateral organizations, the private sector, academia and regional and international non-governmental organizations.
http://www.iisd.ca/ymb/greb2008/html/ymbvol128num2e.html
(Venezuela)
The line spills out of the concrete-block Super Mercal in Barinas, capital of a beef-producing region in the home state of President Hugo Chavez. The avowed socialist is trying to redistribute the country's wealth, blunt U.S. influence and rid capitalism of what he calls its ``anti-values.'' Socialism is Christ; capitalism is Judas, Chavez says.
http://www.sun-sentinel.com/news/local/caribbean/sfl-0523venezuela,0,6295267.story
LOCAL DEVELOPMENTS:
(Falkland Islands)
Desire Petroleum, which is exploring north of the Falkland Islands, rose 11p to 104¾p on talk of a bid from John Fredrikson, a billionaire Norwegian. ...
http://business.timesonline.co.uk/tol/business/markets/article3987826.ece
With crude oil prices skyrocketing to new highs, Big Oil stocks are shaping up to be the safe play for those wanting a piece of the action.
http://www.reuters.com/article/GCA-Oil/idUSN2320939220080523
Rockhopper Exploration plc (RKH:AIM) is pleased to announce a placing ("the Placing") of 3,780,000 new ordinary shares ("the Placing Shares") at a price of 101 pence each ("the Placing Price") by Landsbanki Securities (UK) Limited with institutional investors to raise £3.8 million, before expenses.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1849550&source=RNS
Holdings in Company – Borders & Southern
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1850328&source=RNS
Rockhopper Exploration plc announces a placing ("the Placing") of 3,780,000 new ordinary shares ("the Placing Shares") at a price of 101 pence each ("the Placing Price") by Landsbanki Securities (UK) Limited with institutional investors to raise £3.8 million, before expenses.
http://www.oilvoice.com/n/Rockhopper_Exploration_Announces_Placing_to_Raise_GBP38_
million/f2388b72.aspx
Rockhopper, the Falkland Islands explorer, rose 2½p to 110p after raising £3.8 million in a share placing. It has committed to funding 15 per cent of drilling costs for Desire Petroleum, another Falklands explorer, which rose 2¼p to 107p. Desire has been talking up its prospects, but Tim Heeley, a Daniel Stewart analyst, pointed out that Rockhopper would need ten times more cash to fund its commitment to Desire, an indication that Desire is a long way from being able to drill. Mr Heeley reiterated “sell” advice on both stocks, with targets of 20p on Desire and 25p on Rockhopper.
http://business.timesonline.co.uk/tol/business/markets/article3995369.ece
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
DISCLAIMER:
The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed
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