Regulatory News

Chevron may have to pay more than $R260 million (U.S. $138.3 million) in fines for the oil spill in the Frade Field, Campos Basin, off the coast of Rio de Janeiro. For damage to the marine ecosystem, the Brazilian Institute for the Environment (IBAMA) imposed a $R50 million (US$26.6 million) fine with another $R10 million (US$5.3 million) possibly being added if is found that the company did not have an emergency plan to combat the spill.

The National Petroleum Regulatory Agency (ANP) has already determined two penalties - $R50 million (US$ 26.6 million) each – for Chevron having omitted information about the leak and the lack of equipment to contain the spill. Additionally, the state government of Rio de Janeiro filed a lawsuit demanding an additional $R100 million (US$ 53.2 million) to repair the damage to the environment.

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