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
Policymakers of the Bank of England split on the rate decision in September as two members repeated their call for a quarter- point hike given the rapid absorption of slack with economic growth. The British unemployment rate continued to fall in July, reaching the lowest since late 2008, and jobless claims declined more than expected in August. U.S. astronauts once again will travel to and from the International Space Station from the United States on American spacecraft under groundbreaking contracts NASA announced Tuesday. The US space agency unveiled its selection of Boeing and SpaceX to transport U.S. crews to and from the space station using their CST-100 and Crew Dragon spacecraft, respectively. "From day one, the Obama Administra China's central bank is providing stimulus to the country's largest lenders to boost liquidity amid slowing growth, media reports said Wednesday, citing government and banking sources. The People's Bank of China is injecting CNY 500 billion or $81 billion for a three-month period into the top five...
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.