Nigeria’s National Oil Spill Detection and Response (NOSDRA) Agency’s recommended earlier this week a $3 billion fine against Chevron Corporation to cover the projected costs arising from a gas exploration rig explosion at Funiwa off Nigeria’s coast last January which burned for more than 45 days  . . . the recommendation still needs to be approved by Nigeria’s President Goodluck Jonathan . . . a spokesperson for Chevron stated that the company complies with all laws and regulations governing its oil and gas exploration efforts and it indicated that the cause of the explosion was equipment failure and not negligence . . . Nigeria is currently in negotiations with Royal Dutch Shell over fines for a previous oil spill . . . Nigeria depends on international oil and gas companies such as Chevron and Shell to extract and export petroleum . . . the mutually beneficial relationship means that Nigeria and the oil companies are likely to reach a more modest financial arrangement that compensates Nigeria without gouging Chevron.  

Also check out:
Bad Year for Chevron Likely to Continue, but Long Term Horizon Bright  (June 8, 2012)