Reuters: Market News: UPDATE 1-Brazil maintains suspension of Chevron drilling

Reuters: Market News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Brazil maintains suspension of Chevron drilling Mar 13th 2012, 21:00 Tue Mar 13, 2012 5:00pm EDT * Brazil inquiry finished but says info still lacking * Brazil says its account of spill differs from Chevron's * Energy regulator confident Chevron can provide more info RIO DE JANEIRO, March 13 (Reuters) - Chevron's drilling rights in Brazil will remain suspended now that an investigation into a November offshore oil spill has been completed without showing that risks of a future spill have been mitigated, energy regulator ANP said on Tuesday. An estimated 2,400 to 3,000 barrels of oil spilled in the Frade field in Brazil's Campos basin off the coast of Rio de Janeiro last November, an area operated and majority owned by the U.S. oil company. The ANP said last November that the company had been "negligent" in planning the drilling, and revoked its license and slapped a series of fines on the firm. Prosecutors have launched a suit for more than $11 billion against Chevron. ANP Director Magda Chambriard, said in a news conference in Rio de Janeiro on Tuesday that its investigation of the spill was now complete but would not say when its findings would be released. She said Chevron's explanation of the oil spill differed from its own findings and that Brazil still did not possess enough information to permit Chevron to begin drilling again. "We are not convinced that Chevron can identify the causes of the accident and that the risks have been mitigated to the satisfaction of Brazilian society," said Chambriard, appointed ANP director on March 8. But she said she believed Chevron was still able to provide the agency with a satisfactory explanation for the spill -- reflecting Brazil's concerns from the outset that the company may have failed to provide a full account of the events. Chevron shares were trading 1.1 percent higher at $111.19 on Tuesday. For an ANALYSIS on Chevron operations in Brazil, see: Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions