Energy Sector Recap: Chevron’s Spill Spreads, Duke Energy Goes Solar

Shell (NYSE:RDS.A) and Mitsubishi (NYSE:MSBHY.PK) strike a 25 year deal worth $17B with Iraq’s cabinet. The deal entails the capture and use of 700M cubic feet per day of gas that is being flared into the atmosphere. The contract is one of the largest Iraq has ever signed in its attempt to rebuild its oil and gas industry.

ATP Oil & Gas (NYSE:ATPG) shares bounce back after shedding 45% in recent days. Worries about whether the company has the ability to pay its bills next year led to the loss. However, they will need additional external financing, which might be difficult to garner. Wells are underperforming which put further strain on an already precarious situation.

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Duke Energy (NYSE:DUK) says of Duke Renewable Energy, a subsidiary, that there has been acquisition of three 1-megawatt commercial solar projects in North Carolina. They acquired the projects from ESA Renewables. The solar farms will provide power from Blue Ridge Mountain EMC to the Tennessee Valley Authority (TVA) as part of the Generation Partners program.

Chevron (NYSE:CVX) shares are down 3%. They are trailing off on rumors that the Brazilian oil spill may be larger than anticipated.

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