Bloomberg News

Chevron Faces $25 Million in Fines for Frade Spill, Estado Says

July 16, 2012

Brazil’s oil regulator is preparing about 50 million reais ($25 million) in fines against Chevron Corp. (CVX:US) related to an oil spill last November at the Frade field off the coast of Rio de Janeiro, Agencia Estado reported today.

Chevron won’t be able to resume drilling at the Frade field until the regulator completes an investigation of a second spill at the area in March, Estado quoted Magda Chambriard, the head of Brazil’s oil regulator ANP, as saying.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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