Brazil says Chevron fine unlikely to surpass $25 million

Jeff Fick – The Wall Street Journal, 07/16/2012

Brazil’s National Petroleum Agency, or ANP, is unlikely to fine U.S. oil major Chevron Corp. CVX -0.44% more than 50 million Brazilian reais ($24.5 million) for its role in a November oil spill off Brazil’s coast, ANP Director Magda Chambriard said Monday.

The ANP is expected to release its report on the incident, in which a drilling accident caused between 2,400 and 3,000 barrels of oil to leak into the Atlantic Ocean from cracks in the seabed, later this week.

Speaking on the sidelines of an event in Rio de Janeiro, Ms. Chambriard said Chevron would be fined for more than 20 infractions related to the spill. The ANP’s press office confirmed Ms. Chambriard’s comments, with a spokesman adding that a total of 25 separate infractions were discovered during the regulator’s investigation.

Read more…

Advertisements

One thought on “Brazil says Chevron fine unlikely to surpass $25 million

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s