Falklands : Hydrocarbons Daily Record Wednesday, 28 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 29.05.2008 (Article Archived on 12.06.2008)
Crude prices made significant gains today due to the Conference between the Prime Minister and Oil Company Representatives and the resulting reports. Classed as not helpful are remarks by “Analysts” touting $150.00 oil.
HYDROCARBONS DAILY RECORD WEDNESDAY, 28 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 28 May 2008 Light Sweet Crude was trading at $128.65 down $3.39 on the New York Mercantile Exchange. Brent Crude was trading at $128.31 down $4.06 on London’s ICE Futures Market.
ANALYSIS:
Crude prices made significant gains today due to the Conference between the Prime Minister and Oil Company Representatives and the resulting reports. Classed as not helpful are remarks by “Analysts” touting $150.00 oil.
Falkland Islanders are listening with great interest reports about the conference the Prime Minister, the RT Hon Gordon Brown had with oil producers in the North Sea. According to the reports the Prime Minister has asked relevant oil companies to produce more crude and see if they can explore for more oil reserves in the North Sea.
Given that it is increasingly difficult to find new reserves in the North Sea, this makes exploration around the Falklands look more interesting and it is hoped that the relevant drilling round will take place as scheduled – if not sooner.
RELATED ARTICLES:
World oil prices rebounded to around 131 dollars per barrel Wednesday, reversing earlier losses in volatile trade amid lingering worries about stretched energy supplies, analysts said. Prices gained as British Prime Minister Gordon Brown warned the world was facing a "great oil shock" that could only be addressed by urgent action on a global scale.
http://afp.google.com/article/ALeqM5ghcSh3dYZwEiquwkmhknsk8j21xg
Crude oil rose more than $2 a barrel after Morgan Stanley said that Brent oil from the North Sea could ``easily'' reach $150 a barrel. Prices are rising because ``supply constraints are biting against the backdrop of still-strong global demand,'' Richard Berner, co-head of global economics at Morgan Stanley, said in a report today. Oil rose last week after Societe Generale SA and Credit Suisse increased their price outlooks.
http://www.bloomberg.com/apps/news?pid=20601081&sid=a5Tz4LdAYOiE&refer=australia
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 28 May 2008.
TLW: 897.50 down 12.50, DES: 101.00 up 0.50, FOGL: 153.00 down 8.00 RKH: 102.00 down 1.50, BOR: 104.50 down 12.75 PRE: 13.00 down 0.75, GBP: 8.63.00 down 0.25, GPK: 418.00 down 1.00, BLT 1959.00 down 13.00, RDSA: 2157.00 up 5.00 RDSB: 2117.00 up 5.00
New York Stock Exchange:
XOM: 90.43 up 0.63 (USD)
THE MARKETS (28/05/08)
FTSE100: 6,069.60 up 11.07, FTSE250: 10, 057.30 up 23.08 SmallCap: 3,155.50 down 16.15
DJI: 12,594.03 up 45.68 NASDAQ: 2,486.70 up 5.46 S&P500: 1,390.84 up 5.49
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 23/05/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Algeria)
Algeria's Sonatrach aims to increase its LNG export capacity by some 20% after it constructs a new 4 million-tonne/year liquefaction train at Arzew. Four groups submitted bids on May 18 for the engineering, procurement, and construction contract to build the train: Snamprogetti and Chiyoda Corp.; Petrofac International and Inti Karya Persada Tehnik of Indonesia; Technip; and KBR.
http://www.ogj.com/display_article/329925/7/ONART/none/Trasp/1/Sonatrach-receives-EPC-bids-for-Arzew-LNG-train/
(Barbados)
The natural resources department of Barbados' finance, economic affairs and energy ministry on June 6 will hold an informative meeting for this year's offshore oil and gas licensing round, BNamericas reports.
http://www.energycurrent.com/index.php?id=2&storyid=10818
(Kenya)
Global Petroleum Limited ("the Company") advises that after seeking legal advice, notice has been given to Woodside Energy (Kenya) Pty Limited ("Woodside") terminating the Farm-In Agreement ("FIA") relating to certain interests in the Lamu Basin, offshore Kenya.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1852398&source=RNS
(Persian Gulf)
Majid Jafar talks of matters far up the Persian Gulf, where seemingly every oil company wants to be: Iraq.
http://www.upi.com/International_Security/Energy/Analysis/2008/05/28/interview_crescent_petroleums_jafar/7115/
REGIONAL DEVELOPMENTS:
(Chile)
The president of the Production and Trade Confederation (CPC), Alfredo Ovalle, called leaders to implement a measure to combat high fuel prices. Yesterday, ENAP announced that, beginning on Thursday of this week, fuel prices will undergo new increases: gasoline will increase by $18 pesos, diesel by $24 pesos and domestic kerosene by $25 pesos.
http://www.emol.com/noticias/ingles/detalle/detallenoticias.asp?idnoticia=306166
LOCAL DEVELOPMENTS:
PARTIAL LIFTING OF OPEN-DOOR LICENSING SUSPENSION
The Falkland Islands Government has (from early April) partially lifted the suspension on open-door licensing. The partial lifting of the suspension applies only to blocks 25/7, 8, 9, 12, 13, 14b, 17 and 18. A copy of the new guidance notes for applicants can be downloaded here.
http://www.bgs.ac.uk/falklands-oil/download/NotesApril2008.doc
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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