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Energy News: A Case Expert in the Chevron-Ecuador Trial Switches Sides, Claiming He Is Eyewitness to Fraud


Plus, why First Solar is the lone riser in the solar industry.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

The Daily Caller
Link: Chevron-Ecuador Case Expert Switches Sides, Becomes Eyewitness to Fraud by Plaintiff Lawyers
"Fernando Reyes, an Ecuadorian author and engineer, used to work for the lawyers suing the oil company Chevron (NYSE:CVX). Now he's switched sides.

"Reyes handed over a sworn statement to Chevron that accuses the lawyers suing the oil giant of trying to manipulate and control the outcome of supposedly 'independent' court reports on oil field contamination in Ecuador."
Link: ExxonMobil Eyes South Africa's Untapped Frontier
"Battling declining production, US energy super giant ExxonMobil Corp. (NYSE:XOM) is taking on South Africa-a rising offshore venue--where it will acquire a 75% stake in the Tugela South Exploration Right.

"ExxonMobil is acquiring the Tugela concession from London-based Impact Oil & Gas Ltd, and will control operations in the area. The Tugela concession covers 2.8 million deep-water acres (6,500 feet) off the country's east coast. Additional exploration rights tied to the concession cover some 16 million offshore acres."

Seeking Alpha
Link: Why First Solar Is the Lone Riser in the Solar Industry
"First Solar (NASDAQ:FSLR) has doubled in value over the last six months. It started trading today at $32/share."

"But the rest of the industry hasn't followed suit. The two main Solar ETFs, KWT and TAN, are down for the period. Even SunPower (NASDAQ:SPWR), which remains publicly traded despite being controlled by Total, a French oil company, has barely budget, up just 9%."

France 24
Link: BP Says Sells Stake in China Gas Field to Kuwait
"British oil giant BP (NYSE:BP) said on Wednesday that it had agreed to sell its stake in China's Yacheng gas field to the state-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) as part of a divestment programme.

"BP today announced that it has agreed the sale of its 34.3% interest in the Yacheng gas field in the South China Sea to KUFPEC for $308 million (232 million euros) cash."

Bloomberg News
Link: American Oil Growing Most Since First Well Signals Independence
"The US expanded its oil production this year by the most since the first commercial well was drilled in 1859, upending a belief that Americans were increasingly hooked on foreign crude.

"Domestic output grew by a record 766,000 barrels a day to the highest level in 15 years, government data show, putting the nation on pace to surpass Saudi Arabia as the world's largest producer by 2020. Net petroleum imports have fallen by more than 38% since the 2005 peak and now account for 41% of demand, down from 60% seven years ago, moving the US closer to energy independence than it has been in decades."
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