Falklands : Hydrocarbons Daily Record (18/08/06)
Submitted by Falkland Islands News Network (Juanita Brock) 19.08.2006 (Article Archived on 02.09.2006)
Crude prices are up today.
HYDROCARBONS DAILY RECORD: FRIDAY, 18 AUGUST 2006
By J. Brock (FINN)
At 1800 LMT on Friday, 18 August 2006 Light Sweet Crude gained $1.08 Cents to stand at $71.44 and Brent Crude gained .75 Cents to stand at $72.33.
The feel good factor or relief over Prudhoe Bay, Alaska has subsided and oil prices are rising again. Ditto for the Mid East cease fire. Supply could be the factor in that people are buying gasoline even though it is at near record levels. Also, there is nervousness as the 1st anniversary of Hurricane Katrina approaches. This year thus far has been calm in the Gulf of Mexico.
At the close of play today, the FTSE 100 gained 2.98 points to settle at 5.903.40 and the FTSE 250 was up 26.43 points to end up at 9,513.00. FTSE Small Cap gained 11.66 points to settle at 3,397.10.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones gained 46.51 points or 0.41% to settle at 11,381.40 and the NASDAQ closed up 6.34 or 0.29% to settle at 2,163.95.
Bolivia's energy ministry has admitted that financial restraints have caused Yacimientos Petroliferos Fiscales Bolivianos, (YPBF) the state energy company, to fail in acquiring 51% of the industry's principal upstream (exploration/production) units - crucial units, which remain in the hands of the Brazilian state oil company Petrobras. As the biggest investor in the sector, Pertobras and Spain's Repsol YPF still hold shareholder control. YPBF has also failed in acquiring control of the industry's refineries, distribution and pipelines. The Company also missed a July deadline to meet the legal requirement in restructuring into an integrated company, as it had been supposed to do under to the nationalisation plan.
(Brazil and Turkey)
A spokesperson for the Turkish state-owned company, Türkıye Petrollerı Anonım Ortaklidi announced on Friday that Brazilian oil giant Petrobras and the Turkish state-owned oil company signed two contracts for the export and production of oil in deep waters in the Black Sea on Thursday. According to a statement by a spokesperson for the state-owned company, the companies will be partners in two blocks in the fields of Kirklarelli and Sinop, where there are several prospects of huge reserves of hydrocarbons. Block one is based in the Western sector of the Black Sea, at an average depth of 1,200 metres and Block 2 in the Eastern sector, at a depth of 2,200 metres. Petrobras also says that the Turkish region of the Black Sea is still little explored, although it presents indications of good results.
Investors continue interest in Ecuador, even though the country passed a law claiming 50% windfall profit. $70 a barrel means higher government revenues, putting Ecuador is in a win-win situation. But high oil prices, additional revenues from the Occidental field and the hydrocarbons law will continue to prop-up the fiscal outlook well into next year, according to Christian Stracke, an emerging markets analyst at Credit Sights, a Wall Street research firm.
Share prices at the close of play on Friday, 18 August 2006:
Desire Petroleum Plc was up 0.25 or 0.65% on the day to settle at 38.50.
Falkland Oil and Gas Limited (FOGL) ended the day 1.50 points lower or 1.29% to stand at 114.50.
Rockhopper Exploration ended unchanged on the day to settle at 35.50
Borders & Southern ended unchanged on the day at 45.50