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

9/13/2013

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

Related News ///

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus