Falklands : Hydrocarbons Daily Record Sunday, 02 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 02.03.2008 (Article Archived on 16.03.2008)
Profit taking and the weak US Dollar have helped Light Sweet Crude prices to spike at 0ver $103.00 per barrel.
HYDROCARBONS DAILY RECORD SUNDAY, 2 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 29 February 2008 Light Sweet Crude was trading at $101.84 down 75 Cents on the New York Mercantile Exchange. Brent Crude was trading at $100.10 down 80 Cents on Londons ICE Futures Market.
Profit taking and the weak US Dollar helped crude prices to peak at $103.00 before falling back to nearly $102.00 per barrel.
Oil prices won't fall below $60 to $70 a barrel as this is the minimum level at which alternative fuels are economically viable, Saudi Oil Minister Ali al-Naimi said in remarks published on Sunday by Algeria's APS news agency.
The international hydrocarbons expert, Nicolas Sarkis said the world has to get used to high oil prices in the future, as the depletion of oil and the drop of reserves in several countries are a fact not fiction.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 29 February 2008.
TLW: 627.50 down 5.50, DES: 66.25 up 2.00, FOGL: 134.50 up 8.50 RKH: 68.50 up 2.00, BOR: 65.75 down 2.25 PRE: 12.75 down 0.25, GBP: 7.13 down 0.25, GPK: 424.00 unchanged, BLT 1630.00 down 22.00, RDSA: 1808.00 down 21.00 RDSB: 1781.00 down 23.00
New York Stock Exchange:
XOM: 86.52 down 2.86 (USD)
THE MARKETS (29/02/08)
FTSE100: 5,884.30 down 81.36, FTSE250: 10, 067.90 down 162.93 SmallCap: 3,251.90 down 27.48
DJI: 12,226.39 down 315.39 NASDAQ: 2,271.48 down 60.09 S&P500: 1,330.63 down 37.05
Niko Resources Ltd. (TSX:NKO) is pleased to announce a new gas discovery in the NEC 25 block located in the Mahanadi offshore basin, off the Orissa coast in the Bay of Bengal. This shallow water block covering an area of 10,775 sq. km. in water depths ranging between 20-600 meters was awarded under the bidding round of NELP I. Niko holds a 10% interest in the block.
Iran will soon sign an agreement with the Brazilian oil major Petrobras to start explorations in deep offshore Caspian Sea waters.
Engineering & Construction Management of National Iranian Engineering & Construction Company stated the private sector intends to construct 300,000 barrel Caspian oil refinery in Golestan Province, North of Iran close to Turkmen Port.
Mexico's state oil company Pemex posted a fourth quarter net loss of 30 billion pesos ($2.8 billion), Corporate Finance Director Esteban Levin Balcells said during a conference call Friday...
New Zealand could soon be known as a "land of milk and oil" as Crown Minerals plans to unveil details of a new sedimentary basin potentially more productive than the booming Taranaki oilfields.
By 2015 supplies are expected to increase to 110 million barrels per day, according to global energy consultants Cambridge Energy Research Associates (CERA). By2025 that number is predicted to climb to around 120 million barrels per day. And much of the new supply will come from unconventional sources.
Antonio Brufau, Chairman and CEO of Repsol YPF, presented the 2008-2012 Strategic Plan before analyst, shareholders, institutional investors and employees, which includes the companys main growth lines for the next few years and foresees total investment of 3.28 billion euros.
The last time Brazil introduced electricity rationing it brought down the government. During 2001 and 2002 a combination of low rainfall and bad management forced distributors to limit supplies to residential and business users alike.
The Azar Block is located to the northeast of the Company's existing Nancy, Burdine and Maxine oil fields and immediately to the east of the Guayoyaco Block in which the Juanambu discovery well was drilled in November 2007 with a flow rate of 1,410 bopd. The Guayoyaco Block is operated by Gran Tierra Energy (TSX: GTE), who is also the operator and 40% interest holder in the Azar Block.
Ecuador will use its oil reserves to meet export obligations after a landslide triggered by flooding ruptured a major pipeline, the oil minister announced Friday.
A mud slide that followed weeks of heavy rain in Ecuador unleashed an oil spill in the Amazon region, officials said Saturday. The heavy mud broke the Sote pipeline, which transports oil from the Amazon to the Pacific coast, releasing 4,000 barrels of oil into a swamp near the active volcano El Reventador, the president of the state oil company Petroecuador, Fernando Zurita, said Saturday.
State oil company Petroecuador will lower its oil production if the SOTE pipeline is not fixed by Sunday, the company said in a statement Friday.
The Organization of Petroleum Exporting Countries (OPEC) at its forthcoming conference in Vienna later this month will make a decision to keep oil production at the current level, Venezuelas Energy and Oil Minister Rafael Ramirez said on Friday.
Eni SpA (NYSE:E) said it has signed a strategic alliance with the Venezuala government and with its state oil company PDVSA to develop part of the giant oil fields in the Orinoco area of Venezuela.
Its all happening in the Falkland Islands. Shares in Desire Petroleum, which has just agreed terms with a large development partner off the Falklands, jumped another 12¼p to 64½p on director buying. Rockhopper Exploration, which is also in the area, gained another 10½p at 66½p.
This happened after the company pointed out that Desire Petroleum, which is drilling exploratory oil wells in the North Falkland basin, had reported ...
Speculation is ripe that the farm-in partner for Desire Petroleum is known but an official announcement is awaited.