Brazil's ANP: Chevron Oil Spill Fine Unlikely to Surpass $25 Million

Date : 07/16/2012 @ 3:10PM
Source : Dow Jones News
Stock : Transocean Ltd (Switzerland) (RIG)
Quote : 8.51  0.0 (0.00%) @ 8:07AM

Brazil's ANP: Chevron Oil Spill Fine Unlikely to Surpass $25 Million

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Brazil's National Petroleum Agency, or ANP, is unlikely to fine U.S. oil major Chevron Corp. (CVX) more than 50 million Brazilian reais ($24.6 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 told reporters that 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.

Chevron and drill rig operator Transocean Ltd. (RIG) are facing civil and criminal lawsuits for their roles in the incident at the Chevron-operated Frade offshore oil field.

Chevron didn't immediately respond to email and telephone requests for comment.

"We believe that it will be clearly demonstrated that the company acted responsibly and quickly, following the highest industry standards," said Guy Cantwell, a spokesman for Transocean.

Write to Jeff Fick at jeff.fick@dowjones.com


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