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Brazil's ANP: Chevron Oil Spill Fine Unlikely to Surpass $25 Million

- Brazil's National Petroleum Agency, or ANP, is unlikely to fine U.S. oil major Chevron Corp. (CVX) more than 50 million Brazilian reais ($24.6 million) for its role in a November oil spill off Brazil's coast, ANP Director Magda Chambriard said Monday. The ANP is expected to release its report on the incident, in which a drilling accident caused between 2,400 and 3,000 barrels of oil to leak into the Atlantic Ocean from cracks in the seabed, later this week. Speaking on the sidelines of an event in Rio de Janeiro, Ms. Chambriard told reporters that Chevron would be fined for more than 20 infractions related to the spill. The ANP's press office confirmed Ms. Chambriard's comments, with a spokesman adding that a total of 25 separate infractions were discovered during the regulator's investigation. Chevron and drill rig operator Transocean Ltd. (RIG) are facing civil and criminal lawsuits for their roles in the incident at the Chevron-operated Frade offshore oil field. Chevron didn't immediately respond to email and telephone requests for comment. "We believe that it will be clearly demonstrated that the company acted responsibly and quickly, following the highest industry standards," said Guy Cantwell, a spokesman for Transocean. Write to Jeff Fick at jeff.fick@dowjones.com

Stock News for Transocean (RIG)
DateTimeHeadline
05/04/201619:00:00Transocean Swings to a Quarterly Profit
05/04/201618:47:00Transocean Swings to a Quarterly Profit as Cost-Cutting Offsets...
05/04/201616:49:43Current Report Filing (8-k)
05/04/201616:31:00Transocean Ltd. Reports First Quarter 2016 Results
05/03/201621:30:00BHP, Vale Face $44 Billion Lawsuit Over Brazil Dam Disaster
04/26/201615:44:31Statement of Changes in Beneficial Ownership (4)
04/21/201618:01:00Transocean Files 8K - Regulation FD
04/21/201617:32:27Current Report Filing (8-k)
04/21/201617:30:19Transocean Ltd. Provides Fleet Status Report
04/21/201617:01:23Additional Proxy Soliciting Materials (definitive) (defa14a)
04/19/201617:52:00Transocean Files 8K - Other Events
04/19/201617:23:06Current Report Filing (8-k)
04/19/201616:21:57Transocean Ltd. Announces Ultra-Deepwater Drillship Delay
04/14/201616:16:23Transocean Ltd. Announces First Quarter 2016 Earnings Release...
04/13/201609:33:00Providence Resources Eyes $7 Million Payment Following Court...
04/13/201609:09:00Providence Resources Eyes $7 Million Payment Following Court...
04/08/201610:34:38Amended Statement of Ownership (sc 13g/a)
03/24/201606:11:45Additional Proxy Soliciting Materials (definitive) (defa14a)
03/21/201615:28:43Current Report Filing (8-k)
03/18/201606:31:54Proxy Statement (definitive) (def 14a)

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