Chevron 'Committed' To Staying In Brazil Despite Oil Spill

HOUSTON (Dow Jones Newswires), Dec. 15, 2011

Chevron Corp. (CVX) said Thursday it is "committed" to stay in Brazil for the long term and hopes to "move ahead" after an oil spill in early November that led to intense scrutiny of the oil company from local authorities and regulators.

"We are committed to Brazil and we continue to work with all the federal agencies," Ali Moshiri, Chevron's president for Africa and Latin America exploration and production, told reporters in the sidelines of the Deloitte Oil & Gas Conference in Houston. "This is an unfortunate incident and we are going to work together and solve the problem and move ahead."

The executive said Chevron is "very proud" of its response on the Nov. 7 oil spill because the company's sweeping reaction resulted in "no environmental impact" from the spill.

Brazil's federal prosecutors filed a lawsuit Wednesday against the oil company and Transocean Ltd. (RIG) seeking close to $11 billion in damages from the oil spill. The suit also wants a court injunction to stop the two firms' local operations while the investigation continues.

The November drilling accident caused an oil spill at an appraisal well at the Frade oil field, which is located in deep Atlantic waters off the coast of Rio de Janeiro state.

Chevron reaffirmed Thursday it has not received a formal notification about the lawsuit by Brazilian authorities or regulators. 

Copyright (c) 2011 Dow Jones & Company, Inc.

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