14 December 2011

BRASIL : 16 Dec UPDATE: Rio Prosecutor Wants $10.7 Billion Damages From Chevron/Transocean For Oil Spill; Also Activity Suspension; Investors View Lawsuit Warily.


   A Rio state federal prosecutor is telling Chevron and Transocean to suspend all activity and pay 20bn reais/$10.7bn in damages after a 3,000 bbls oil spill last month...240 miles off Rio's coast.
     “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,” said the Campos official.
    Chevron is Brasil's the number 3 oil producer...after Petrobras and Shell. It's assets there are estimated at $4.2 bn.
   Chevron continues to claim Rio is wildly overreacting... and potentially scaring other drillers from taking the risk of exploring the record deep subsalt region.
   Investors have been expected to invest more than $600bn to develop the subsalt.
    For More Details...See Past Post/Link: