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Chevron to pay $41.7 million to settle oil spill civil lawsuits in Brazil

BY JEFF FICK

RIO DE JANEIRO -- U.S. oil major Chevron Corp. will pay 95 million Brazilian reais ($41.7 million) to settle civil lawsuits related to a November 2011 oil spill, said Rafael Jaen Williamson, the company' s director of corporate affairs, Friday.

The payment will close the book on two civil lawsuits that sought up to $20 billion in damages for Chevron' s role in an oil spill at the company' s Frade offshore field. An estimated 2,400 to 3,700 barrels of oil leaked into the Atlantic Ocean after a drilling accident at the field.

The settlement between Brazil' s federal prosecutors, Chevron and rig operator Transocean will be signed later Friday.

Dow Jones Newswires

09/13/2013

 

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