Dow Jones Newswire, 8/16/2012
Earlier this month, a Brazilian court banned Chevron and drilling-rig operator Transocean Ltd. (RIG) for their roles in an offshore oil spill last year. The two companies had 30 days to halt operations or face hefty fines.
The latest ruling is part of court cases related to a drilling accident last November at the Chevron-operated Frade offshore oil field. The accident caused an estimated 3,700 barrels of crude oil to seep from cracks in the seabed. Chevron faces fines from local environmental and oil-industry regulators, while both companies face civil and criminal lawsuits brought by a federal prosecutor.
Both companies have denied any wrongdoing in the accident. Transocean previously said that it will appeal the court’s ruling.