Falklands : Hydrocarbons Weekend Record (09 and 10 Decemberr 2006)
Submitted by Falkland Islands News Network (Juanita Brock) 10.12.2006 (Article Archived on 24.12.2006)
South American Countries are getting together to discuss trade, especially in the hydrocarbons businesses.
HYDROCARBONS WEEKEND RECORD: 09 AND 10 DECEMBER 2006
Compiled by J. Brock (FINN)
(Brazil and Venezuela)
In a meeting held on Thursday, PETROBRAS president Sergio Gabrielli and PDVSA´s Rafael Ramirez signed a memorandum of understanding that restated their desire to form joint venture companies in the hydrocarbons industry.
The agreement had several points: first was to encourage competitiveness of Brazilian and Venezuelan suppliers, second was a joint project in the Orinoco Strip and Abreu Lima refinery in Pernambuco, third was to analyse the Mariscal Sucre plan and fourth was a Letter of Intention to Identify Business Opportunities on Hydrocarbons. In force until March 2007, the aim is to enable the purchase of additional geological to allow the two companies make business decisions on that region.
The project, which will cost an estimated $20 billion and cover up to 12,000 km, is expected to link Venezuela with Buenos Aires, through Brazil, Paraguay and Uruguay.
(100X Translation Service)
Venezuela is aggressively consolidating its position amongst its OPEC colleagues who support a cut in production before the year’s end. The country’s Energy and Oil Ministry has announced that Venezuela’s crude has increased by $1.68 dollars per barrel, thus increasing for the second week in a row. The provisional numbers were provided by the Ministry of Energy and Petroleum, official news agency ABN reported. Based on the report prepared by the Ministry of Energy and Petroleum weekly average prices of major benchmarks ended up.
Monday, 04: It looks as if the election of Hugo Chavez of Venezuela by a 60% to 38% margin helped to lower the price of crude today. The fact that Mr. Chavez spent oil wealth on extensive social programmes helped to boost his popularity. The price could have gone lower still but there are threats of a further OPEC production cut and this kept prices from sinking further.
Tuesday, 05: Relatively warmer weather forecasts and good inventories balanced against threatened OPEC cuts in production to ease the price of crude today.
Wednesday and Thursday, 06 and 07: One might wonder about weather and supply in the US as both are mainly responsible for the rise in crude prices today. Also adding to price rises today are attacks on oil facilities in Nigeria.
Friday, 08: Geopolitics in Nigeria as well as inventories in the United States helped to fluctuate the price of crude today.
Monday, 04: Light Sweet Crude - $62.44 and Brent Crude - $63.78
Tuesday, 05: $62.43 $63.70
Wednesday, 06: $62.40 $63.07
Thursday, 07: $62.25 $63.37
Friday, 08: $62.03 $63.50
Monday, 04: Announcement of Interim Results for the six months ended 30 September 2006 Rockhopper Exploration plc (RKH), the AIM-listed oil and gas exploration company based in the United Kingdom, today announces its interim results for the six months ended 30 September 2006.
Tuesday, 05: A lecture given by Mr. Hernan Martinez Torres of Ecoptrol, Colombia’s state run oil company revealed that the Company plans to invest US$12.5bn in the next five years in order to produce 500,000b/d oil by 2011. He spoke at the Second Colombia Oil and Gas Investment Conference. Held this year in Cartangena. Currently total production in Colombia stands at roughly 530,000b/d. He added that ANH a Colombian hydrocarbons agency will launch a bidding round for the 27 hydrocarbons blocks off the country's Caribbean coast.
Thursday, 07: Foreign energy executives have been summoned to a meeting in La Paz this month to discuss future investments in Bolivia’s country’s gas industry. The meeting, involving the Government and energy multinationals, is the first since the signing of 44 contracts giving Bolivia control over the operations of foreign companies in the country’s energy sector, as well as a majority share of the revenue.
Friday, 08: On Thursday over 2500 delegates attended the Social Summit for the Integration of the Peoples in La Paz, Bolivia. The main focus of the conference was sharing energy resources and the benefits of nationalisation. Speeches by the Republic's Vice President Alvaro Garcia and Hydrocarbon Minister Carlos Villegas highlighted the conference. Another of the conference’s aims is to integrate regional trade in Latin America. All together there were 13 workshops dealing with ways to unify South American neighbours economically and socially. On Wednesday, some 3,000 representatives of Latin American peoples agreed to turn the Social Forum into a party of unity against the continent's neo-liberal models. The Social Forum will approve a Final Declaration on Saturday in the closing ceremony of the Summit, which is expected to be attended regional heads of State.
RELEVANT SHARE PRICES:
Monday, 04: DES 34.00, FOGL 75.00, RKH 40, BDR 39.25, TUL 406.00
Tuesday, 05: DES 34.75, FIGL 75, RKH 40.50, BDR 39.75, TUL 412.00
Wednesday, 06: DES 36.50, FOGL 75.00, RKH 40.50, BDR 40.00, TUL 409.50
Thursday, 07: DES 36.75, FOGL 82.00, RKH 40.50, BDR 39.75, TUL 405.00
Friday, 08: DES 36.25, FOGL 82.00, RKH 40.50, BDR 39.75, TUL 409.0