Energy Business Review: Chevron Makes a DEAL, Duke CEO DENIES Criticism

Here are Thursday’s top stories:

Chevron Corporation (NYSE:CVX) had made a deal with the Venezuelan state oil company PDVSA on Wednesday to secure $2 billion in financing to push oil production at Petroboscan, the which is the joint venture between the two firms. Venezuelan President Hugo Chavez had threatened to invalidate the permit for several energy joint ventures, including this one, unless production was increased.

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Spanish oil company Repsol Ypf. S.A. (REPYY.PK) will divest its Chilean butane division for $540 million, which marks its first sale of a non-strategic asset in order to improve the financial structure of the group and also to fund investments in exploration and in production.

Former Duke Energy Corporation (NYSE:DUK) Chief Executive Bill Johnson maintains that his leadership style had nothing to do with his ouster from that position, following the company’s purchase of Progress Energy. Johnson has been testifying to the North Carolina Utilities Commission, and also commented that problems at a Florida nuclear power plant had been known about for a long time, adn were not germane to his being sacked.

Anadarko Petroleum Corporation (NYSE:APC) shares fall on word from Bloomberg that settlement discussions with Tronox, Inc. (TROX) stalled. However, UBS says the story is in error and that the talks are ongoing. Tronox alleges that APC transferred funds that rightly belonged to creditors out of TROX, ahead of the latter’s 2009 bankruptcy filing.

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