• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 19 mins The Downside of Political Correctness
  • 2 hours George Floyd’s History
  • 9 mins Main Stream Media falls into depressed mood today after hearing of the record May jobs report UP 2.5 MILLION JOBS !
  • 22 mins In the Event of WW3, Oil and/or Renewables?
  • 8 hours Rioting and Protesting
  • 9 mins Trump waves a Bible
  • 13 hours US and Australia Sign SPR Lease Agreement
  • 3 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 7 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 2 hours Coronavirus hype biggest political hoax in history
  • 13 hours China’s Oil Thirst Draws an Armada of Tankers
  • 43 mins Model 3 cheaper to buy than BMW 3 series.
  • 1 day Healing, Not Hatred
  • 23 hours Trumps Oil Industry....
  • 1 day Let’s Try This....

Petrobras Now being Drawn into the $11 Billion Chevron Case

Following the deepwater horizon spill at BP’s Macondo well in the Gulf of Mexico back in 2010, Brazilian authorities have increased their scrutiny of wells of their own shores.

Gianna Bern, the president of Brookshire Adivsory, a Chicago based risk management firm, said that, “the Brazilian government is going to come down with some significant penalties even for minor accidents, there are indeed some very draconian measures that are being implemented.”

Back in November 2011, roughly 3000 barrels of crude spilled into the ocean at the Frade project of which Chevron hold the majority stake and also operate.  As a result federal prosecutors in Brazil have come down hard, and last year made a claim of $11 billion against Chevron and Transocean Ltd.

Chevron holds a 52 percent stake in the Frade project, but Petroleo Brasileiro SA (Petrobras), Brazil`s state owned oil producer, also owns 30 percent, and during the regulatory filing on 30th March this year they were warned that they could be found liable for 30% of any damages that Chevron must pay. Petrobras have complained that this new ruling is “unreasonable”.

On 29th March Chevron took out full page advertisements in several Brazilian newspapers to say that the Frade leak didn’t cause any environmental damage, and therefore all criminal charges against its executives are unfounded.

By. Joao Piexe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News