Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Chevron, Transocean Face $11 Bln Lawsuit In Brazil

RELATED NEWS
Trade CVX now with 

A Brazilian federal prosecutor has launched a new lawsuit against oil giant Chevron Corp. (CVX: Quote) and driling contractor Transocean Ltd. (RIG: Quote) for 20 billion reais ($11 billion) related to a second oil leak occurred at Chevron's Frade field off Brazilian coast in early March.

In December 2011, the country's prosecutors had filed a $10.6 billion lawsuit against Chevron and Transocean for environmental damage caused by an oil spill in November in the Campos Basin, off the southern coastal state of Rio de Janeiro.

The Brazilian prosecutors then claimed that "Chevron and Transocean weren't capable of controlling the damages from a spill of 3,000 barrels of oil, which proves a lack of environmental planning and management"

Chevron had said in March that its unit Brasil Upstream Frade Ltd. has filed to temporarily halt production operations in Brazil after "a small new seep" was identified at the Frade Field in the Campos Basin. Frade field is the largest foreign run oil field in Brazil.

In the latest lawsuit, prosecutor Eduardo Santos de Oliveira also seeks to stop operations at Frade and prevent the U.S. oil company from transfering profits made in Brazil. It also seeks to prevent the company from moving equipment out of the country and receiving finance supported by the government.

CVX closed on Tuesday at $107.14, down from the prior close of $108.30, on a volume of 4.69 million shares.

Transocean is currently falling 2.12 percent in Zurich to 47.79 francs.

Register
To receive FREE breaking news email alerts for Chevron Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session. While Republicans have largely tried to frame the upcoming midterm elections as a referendum on President Barack Obama, Sen. Ted Cruz, R-Tex., has joined the few offering guidance on what the GOP will do if it manages to retake control of the Senate.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.