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Re: johnsyn post# 251

Tuesday, 03/27/2012 4:23:57 PM

Tuesday, March 27, 2012 4:23:57 PM

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Chevron oil spill update.

Chevron’s Brazilian oil spill, tiny in comparison to major spills like BP’s Macondo well in the Gulf of Mexico in 2010, has cost the company dearly. It was forced this week to close off its Frade field well in the Campos Basin, 230 miles (370 km) off the coast of Rio de Janeiro. It has to deactivate its drilling platform. In short, Chevron now has one foot out of Brazil and it just might cost them $2.5 billion — which is what the company spent on their Brazilian oil venture.
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