Chevron Corp. didn’t report to Brazil’s oil regulator that hydrogen sulfide was mixed with the crude it was producing at a well in the Frade field off the coast of Rio de Janeiro, said Magda Chambriard, a director at the regulator.
Chevron Corp., the U.S. oil producer operating the $3.6 billion Frade oilfield off the coast of Brazil, was blocked from drilling in the South American country while the government probes a recent spill.
Chevron Corp., operator of the $3.6 billion Frade oilfield off the Brazilian coast, is blocked from drilling in the country while a recent spill is examined, said the South American country’s oil regulator, ANP.
Transocean Ltd., the operator of the rig that exploded in the Gulf of Mexico and caused the worst U.S. maritime spill, and Chevron Corp. may be banned from deep- water drilling in Brazil after an oil leak.
A “reasonable price” for Petroleo Brasileiro SA to pay for offshore oil reserves it’s planning to buy from the government in exchange for stock would be $8 a barrel, said Haroldo Lima, head of Brazil’s petroleum regulator.
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires. The Merval Index slumped 3.6 percent to 2,905.54.
Brazil’s government may increase its stake in Petroleo Brasileiro SA to more than 40 percent from 32 percent, Folha de S. Paulo reported, citing Haroldo Lima, director-general of the National Petroleum Agency.
Brazil said its deep-water Libra field may hold as much as 16 billion barrels of oil, twice previous estimates, which would make it the biggest crude discovery in the Americas in more than three decades.