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Friday, Sep 13
Chevron, Transocean settle spill lawsuits in Brazil
- Federal prosecutors in Brazil reach a deal with Chevron (CVX +0.6%) and Transocean (RIG -1.5%) to settle lawsuits seeking up to $20B in damages stemming from a 2011 offshore oil spill; no details have been revealed.
- Prosecutors and local officials were criticized for the heavy-handed response to what was considered a relatively minor spill at the Frade field, where between 2,400 and 3,700 barrels of crude seeped from cracks in the seabed off Brazil's coast.
- Brazil may be seeking to clear the air before next month's auction of the Libra prospect, believed to be one of the largest deepwater oil fields ever discovered.