Falklands : Hydrocarbons Daily Record Monday, 30 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 01.07.2008 (Article Archived on 15.07.2008)
HDR feels that the wise application of the word, “NO” just might help to turn the tide.
HYDROCARBONS DAILY RECORD MONDAY, 30 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 30 June 2008 Light Sweet Crude was trading at $140.00 down 20 Cents on the New York Mercantile Exchange. Brent Crude was trading at $139.83 down 48 Cents on London’s ICE Futures Market.
ANALYSIS:
Israeli tensions are now blamed for high crude prices but it could be anything used as an excuse to increase the price. HDR feels that the wise application of the word, “NO” just might help to turn the tide. Simply refuse to sell or re-sell at extortionate prices. Surely this will wipe millions, yea billions from the bottom line – but those millions and billions are not going to make those responsible for high crude prices miss any meals or get kicked out of their homes due to poverty. The increased profits actually have been stolen from people who are dependent on hydrocarbons products to make a living, get about and keep warm in the winter.
I can think of an apt word for people who keep on accepting extortionate prices for crude and for speculating – PIG! Being raised in farming country I know that one sure way to kill pigs is to let them eat all they want. They don’t know when to stop and the excess food kills them. Excess will do the same to the hydrocarbons industry.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 30 June 2008.
TLW: 955.00 down 20, DES: 91.75 down 0.50, FOGL: 130.00 down 6.00 RKH: 94.00 down 1.25, BOR: 84.50 up 2.50 PRE: 12.50 down 0.25, GBP: 8.00 down 0.13, GPK: 391.00 down 5.00, BLT 1920.00 up 45.00, RDSA: 2063.00 up 48.00 RDSB: 20.20.00 up 58.00
New York Stock Exchange:
XOM: 86.13 up 1.58 (Trading in USD)
THE MARKETS (30/06/08)
FTSE100: 5,625.90 up 95.95 FTSE250: 9,145.80 up 40.98 SmallCap: 2,868.30 up 4.01
DJI: 11,350.01 up 3.50 NASDAQ: 2,292.98 down 22.65 S&P500: 1,280.00 up 1.62
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 20/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(BHP Billiton)
Australia-based BHP Billiton, world’s largest primary resources company, provisionally won 7 deepwater blocks for exploration of oil and gas in consortium along with Indian infrastructure company GVK in the seventh round bidding of the New Exploration Licensing Policy (Nelp VII).
http://www.dnaindia.com/report.asp?newsid=1174769
(Canada)
Canadian officials said Canadian and American icebreakers will head northward later this summer to map the Canada Basin, located north of the Beaufort Sea.
http://www.cbc.ca/technology/story/2008/06/30/cda-mapping.html
(Iraq)
But Iraq, with proven reserves of 115 billion barrels, is to open up six huge oilfields for the first time in 36 years. The country is set to welcome back American, British and French multinationals among 41 foreign companies invited to bid for long-term deals as well as short-term service contracts.
http://www.timesonline.co.uk/tol/comment/leading_article/article4244534.ece
Iraq has opened the world's third largest oil reserves to foreign firms by offering limited contracts at six fields.
http://english.aljazeera.net/news/middleeast/2008/06/2008630164110408579.html
(Consequences)
The price of oil hit a record of nearly $144 a barrel yesterday, threatening further pressure on pump prices ahead of the first fuel price protest to be officially backed by the Road Haulage Association.
http://www.guardian.co.uk/business/2008/jul/01/commodities.oil
REGIONAL DEVELOPMENTS:
(Brazil)
Brazil's Mines and Energy Minister Edison Lobao plans to propose to President Luiz Inacio Lula da Silva the creation of a new state-run firm that would manage oil discoveries made in recent months in the subsalt layer of the Santos basin.
http://www.ogj.com/display_article/333207/120/ARTCL/none/ExplD/1/Brazil-plans-oil-law-changes,-oil-management-firm/
Brazilian national oil company Petrobras and Venezuelan national company PDVSA have signed agreements committing to negotiate commercial terms for the purchase and sale of liquefied natural gas (LNG) supplied by PDVSA.
http://www.energycurrent.com/index.php?id=3&storyid=11532
(Ecuador)
Petroecuador said Monday it has sold 132,000 barrels of Oriente crude per day for one year. Petrochina International, Glencore, Repsol-YPF (REP) and Valero (VLO) were the winning bidders.
http://money.cnn.com/news/newsfeeds/articles/djf500/200806301221DOWJONESDJONLINE000402_FORTUNE5.htm
(Uruguay)
The Uruguayan National Administration of Fuels, Alcohol and Portland (Ancap) will put out to tender the refitting of its refinery after dismissing a project involving the execution of the works by state-run oil holding Petróleos de Venezuela (Pdvsa), Uruguayan Minister of Industry and Energy Daniel Martínez told AFP.
http://english.eluniversal.com/2008/06/27/en_eco_art_uruguay-not-to-award_27A1730839.shtml
LOCAL DEVELOPMENTS:
Borders & Southern Petroleum PLC announces that at its Annual General Meeting, held this morning at 11:00am, all the resolutions were duly passed.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1884854&source=RNS
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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