Wednesday, November 23, 2011

Brazil suspends Chevron's drilling rights | Reuters

Brazil suspends Chevron's drilling rights | Reuters

The Brazilian government on Wednesday suspended Chevron Corp's drilling rights in Brazil until it clarifies the causes of an offshore oil spill, the latest twist in a political firestorm threatening the U.S. company's role in Brazil's oil bonanza.

The decision was announced as the chief executive of Chevron's Brazilian unit was testifying before the Brazilian Congress, where he publicly apologized for the November 8 spill that leaked about 2,400 barrels of oil into the ocean off the coast of Rio de Janeiro.

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