Falklands : Hydrocarbons Daily Record (16/10/06)
Submitted by Falkland Islands News Network (Juanita Brock) 17.10.2006 (Article Archived on 31.10.2006)
Bolivia is not going to nationalise itsmining industry. Perhaps that industry should have been nationalised first.
HYDROCARBONS DAILY RECORD: MONDAY, 16 OCTOBER 2006
By J. Brock (FINN)
At 1800 LMT Monday, 16 October 2006 Light Sweet Crude gained $1.39 Cents to stand at $59.56 on the New York Mercantile Exchange and Brent Crude gained 1.39 Cents to stand at $59.60 on London’s ICE Futures Exchange.
The scheduling of a meeting of OPEC to discuss a proposed cut in production has lead to the rise in crude prices today. There are also still worries about the supply of winter heating oil.
At the close of play today, the FTSE 100 was up 15.09 points to settle 6,172.50 and the FTSE 250 fell 21.36 points to end at 10,378.20. FTSE Small Cap closed up 4.60 points to settle at 3,629.50.
DOW JONES AND NASDAQ
There has been kiss and run today with that illusive DJI 12,000 mark. Nonetheless the DOW and NASDAQ closed up.
At the end of play today the Dow Jones Index gained 2009 points or 0.17% to settle at 11,980.60 and the NASDAQ gained 6.55 points or 0.28% to settle at 2,363.84
For a fourth day, Crude oil has risen and at times trading above $60 a barrel, on fears that OPEC members will agree at a meeting this week on the 19th to cut production. They will justify a 20 percent drop in prices over the past three months by a production cut presumably by 1 million barrels a day.
Form a press release
Bruce Beattie, CEO of Sub-Surface Waste Management of Delaware, Inc. (OTCBB:SSWM), provides answers to questions from shareholders and investors about the contracting process in Mexico and how the company has successfully crafted a unique business relationship with the heads of state governments, the national university, and various federal regulatory agencies as it navigates its Mexico subsidiary company, Environmental Tec International, S.A. de C.V. (ETI) toward becoming a leading environmental service provider throughout the country.
Beattie begins, “When SSWM first decided to look at Mexico as an opportunity for our proprietary products and environmental engineering services we knew our company size and foreign status might hinder our success so we contracted our initial project in Mexico with a U.S. D.O.D. contractor operating a maqiladora manufacturing site in Torreon. We had a U.S contract with a project venue in Mexico but still had to meet the Mexico EPA cleanup requirements. To help us with the project logistics and get our patented technology registered and approved for use in Mexico, we subcontracted an experienced Mexico service company, formed ETI, and completed the $1.4MM project this year. We gained valuable operating experience, recognized good profit margins and understood the labour contracting process in Mexico.”
DEVELOPING REGIONAL FACTORS
In a major development Bolivia is slated to nationalise its mining industry. FINN feels that if anything was going to be nationalised, it should have been the mining industry first so it could be used as a test case. As yet it is unclear how nationalisation of the hydrocarbons industry will work. It is thought that it will take time to have the benefits of nationalisation trickle down to the people. Some of the people may be too impatient for profits that do not yet exist.
Share prices at the close of play on Friday, 13 October 2006
Desire Petroleum Plc ended unchanged on the day to settle at 33.00.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 85.00.
Rockhopper Exploration ended unchanged on the day to settle at 39.50.
Borders & Southern ended up 0.50 points or 1.27% on the day to stand at 40.00
Tullow Oil ended up 2.75 points or 0.70% to stand at 394.75