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Brazil: Fine Over Oil Spill Could Delay Offshore Drilling
A supply ship works around a recent leak from a Chevron oil platform off the coast of Brazil. (Marcia Foletto/AFP/Getty Images)

Brazil: Fine Over Oil Spill Could Delay Offshore Drilling

November 23, 2011
| Energy
| The Americas
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An oil spill off the coast of Brazil that started on November 7 has resulted in a $28 million fine for the Chevron Corporation and is likely to delay development of recently discovered ultra deepwater offshore oil reserves that are estimated to hold 50 billion barrels of oil.

Chevron estimate approximately 2,400 barrels of oil leaked into the ocean during an accident at the Frade oil field, which is owned in partnership with Brazil's state-controlled oil company Petrobras, and Frade Japá o Petròleo, which is owned by the Japanese companies INPEX, Sojitz, and JOGMEC.

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