Chevron plans to continue its expansion in Brazil, a top executive said on Friday, as the U.S. oil giant tries to contain the political fallout of an oil spill off the South American nation's coast.
Brazil plans to investigate contracts between Chevron and Brazil's state-owned oil company Petroleo Brasiliero regarding the Frade offshore oil region to the northeast of the country where Chevron operates with Petrobras. The move follows an oil leak that saw the release of about 2,400 barrels of oil into the ocean.
Brazilian officials said the moratorium on Chevron will stay in place until the company can further explain and correct the conditions that led to the oil leak earlier this month.
The company's calculation comes close to official estimates by Brazilian officials on Friday, which placed the leak at 2,600 barrels. Earlier last week the company said 650 barrels of oil leaked from the fissure on the ocean floor.
Brazilian officials late Monday moved to fine Chevron Corp. over an oil leak off the coast of Rio de Janeiro, but there could be more to come.
Chevron Corporation announced it is taking full responsibility for the oil leak that occurred off the coast of Rio de Janeiro two weeks ago.
As much as 300 barrels a day may have leaked from the seeps caused by the company's drilling, says Brazil's environmental protection agency.
Chevron Brazil announced Thursday the company is actively cementing an appraisal well responsible for causing a relatively small oil leak.
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A fire broke out and was quickly extinguished Monday night in a crude distillation unit at Chevron Corp's 245,271 barrel-per-day (bpd) Richmond, California, refinery, according to notices the refinery filed with state and federal pollution regulators.
Chevron Brazil officials say they have successfully plugged the well responsible for causing oil to seep through the ocean floor.
Brazil's oil agency said a link exists between the company's drilling operations and the seep on the ocean floor which has so far released up to 650 barrels of oil into the ocean.
Efforts made by Chevron Brazil officials to control an ocean-floor oil leak off the coast of Brazil continue.
U.S. oil giant Chevron halted drilling of a well off the coast of Brazil as it looks into the possible causes of an oil spill in the region.
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U.S. oil and gas major Chevron Corp. said an oil leak off the coast of Brazil near its Frade field does not appear to be caused by the company's production activities in the area.
Chevron's Brazilian outfit working to plug an ocean-floor oil spill off Brazilian coast.
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Asian shares fell Monday and commodities slipped as the dollar spiked to a three-month high against the yen following Japan's intervention, prompting investors to book profits after last week's rally.
U.S. stocks closed out a fourth week of gains in quiet fashion on Friday, edging higher as the market took a breather after rallying 3 percent on Europe's deal to stem its debt crisis.
Chevron Corp and Total posted higher profits on Friday, the latest two major oil companies lifted by pricier oil and rosier refining conditions, even if increasing oil and gas production remains a struggle.
