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Chevron Offers to Settle Brazil Spill Lawsuits for $150 Million

SAO PAULO (AP) -- Brazilian prosecutors say Chevron Corp. (NYSE: CVX  ) has offered to pay $150 million to settle two civil lawsuits stemming from an offshore oil spill.

The lawsuits seek $20 billion in damages.

Federal prosecutors say they must await an environmental agency report on the spill before accepting any Chevron offer. That report must corroborate Chevron's assertions that the spill had no significant impact on the environment.

It's not clear when that report will be made.

Chevron says in a Monday statement that company officials are "optimistic that a satisfactory settlement can be reached soon."

It was in November 2011 when some 155,000 gallons of crude leaked from the seabed near a Chevron well. Earlier this year, Chevron paid $18 million in fines to Brazilian authorities.


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10/28/2016 12:31 PM
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