ADVFN - Advanced Financial Network.
HOME» NYSE » P » PBR Stock Price » PBR Stock News

Petroleo Brasileiro Share News

 Petroleo Brasileiro S.a. Stock Price
PBR Stock Price
 Petroleo Brasileiro S.a. Stock Chart
PBR Stock Chart
 Petroleo Brasileiro S.a. Stock News
PBR Stock News
 Petroleo Brasileiro S.a. Company Information
PBR Company Information
 Petroleo Brasileiro S.a. Stock Trades
PBR Stock Trades

Brazilian Regulator: Chevron Needs To Show It Can Prevent Spill Before Drilling Again

By Isabel Ordonez Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- Chevron Corp. (CVX) won't be allowed to resume drilling in its Frade field offshore Brazil until it finds the cause of two recent oil spills in the area and shows the Brazilian government it can prevent another oil spill from happening, the head of Brazil's oil regulatory agency said Monday. Chevron "has not identified yet the real cause of the problem," Magda Chambriard, president of Brazil's national oil regulator, ANP, told reporters on the sidelines of the Offshore Technology Conference in Houston. "The report we have [from Chevron] says that it is due to natural causes and natural causes can happen again." Chevron's spill was smaller than the massive April 2010 Deepwater Horizon leak in the Gulf of Mexico, but that doesn't mean it wasn't a large spill or a major problem for Brazil, Chambriard said. "It was a real disaster," she said. The incident resulted in the spill of 3,600 barrels of oil, she added. The Brazilian government is in talks with Chevron and is conducting an investigation into the causes of the spill and it is "confident it can reach an agreement with Chevron," Chambriard said. To prove that Brazil is not being especially tough on Chevron because it is an international company, ANP plans "to be even harder" with Brazil's state-run energy giant Petroleo Brasileiro SA (PBR, PETR4.BR), which is Chevron's partner in the field. Chevron shut down operations at the Frade field in March to better study the geology of the area, which has come under scrutiny because of a series of oil seeps from the seabed. Chevron is lead operator of Frade, which holds estimated recoverable reserves of between 200 million and 300 million barrels of oil equivalent, with a 51.7% stake. Petrobras holds 30%, while the Frade Japao Petroleo Ltda. consortium has the remaining 18.3% share. -By Isabel Ordonez, Dow Jones Newswires, Tel 713-314-6090; isabel.ordonez@dowjones.com

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
08/26/201518:04:00ADRs End Higher; Syngenta Declines
08/14/201510:50:07Petrobras Tax Settlement to Total 2 Billion Reais in Third Quarter
08/12/201517:40:18Petrobras May Sell Stake in Fuel-Distribution Business
08/11/201519:18:32Correction to U.S. Link in Petrobras Case
08/11/201509:25:00An Update on Oil & Gas Production in June 2015 - Report on Petroleo...
08/06/201520:10:21Oil Prices, Tax Settlement Hurts Petrobras Profits
08/05/201521:20:10Brazil Judge Sentences OAS Executives Over Petrobras Scandal
08/03/201511:10:04Brazil's Federal Police Charge José Dirceu in Petrobras Probe
07/31/201515:30:10Petrobras Tightens Controls in Wake of Price-Fixing Scandal
07/29/201519:52:33Italy's Saipem Implicated in Petrobras Corruption Scandal in...
07/29/201518:40:24Italy's Saipem Implicated in Petrobras Corruption Scandal in...
07/28/201510:30:03Brazil Corruption Probe Spreads to Eletrobras
07/24/201522:27:16Brazilian Prosecutors File Charges Against Odebrecht Chief, Others...
07/24/201519:41:46Brazilian Prosecutors File Charges Against Odebrecht Chief, Others
07/24/201513:10:08Brazilian Prosecutors to File Charges Against Odebrecht Chief
07/22/201521:10:31Swiss Authorities Open Investigation Into Brazil's Odebrecht
07/22/201519:45:14ADRs End Lower; National Bank of Greece, Petrobras Trade Actively
07/22/201519:22:44Swiss Authorities Open Investigation Into Brazil's Odebrecht
07/21/201517:15:15Brazilian Stocks Fall, Currency Strengthens
07/21/201505:34:08Dof Gets Vessel Contracts Worth NOK575 Million

Petroleo Brasileiro and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad