Ibama Fines Petrobras US$98mn for Campos Basin Operations

Brazil's federal environmental protection agency Ibama has fined federal energy company Petrobras (NYSE: PBR) 213mn reais (US$97.9mn) for failing to implement measures to control environmental damage in 101 offshore fields in the Campos basin, Ibama said in a statement.

The measures were to be implemented according to an agreement signed in August 2004 but drilling continued without express authorization from Ibama, the statement said.

Petrobras has 10 days to pay or appeal the fine. Ibama said that the fine is set at 50,000 reais a day.

The Campos basin is Brazil's most productive oil district, accounting for about 80% of the country's total oil production of some 1.8 million barrels a day.

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