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Brazil drops Chevron, Transocean spill case

RIO DE JENEIRO -- Brazilian authorities have dropped criminal charges against Chevron and Transocean related to a November 2011 offshore oil spill, according to media reports on Wednesday. Both companies halted activities at the Frade oil well until December. Chevron is still awaiting authorization from Brazilian regulators to resume operations.

The San Ramon Calif. company has offered $149 million to settle two civil lawsuits stemming from the spill. Brazilian authorities had also charged 17 Chevron and Transocean employees, and the civil case sought as much as $20 billion in damages. Shares of Chevron declined 0.8%, while shares of Transocean were off 3.5% on a day energy stocks were under pressure.

Dow Jones Newswires

02/20/2013

 

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