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Brazil’s oil regulator is preparing about 50 million reais ($25 million) in fines against Chevron Corp. (CVX) 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.
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