Chevron (CVX) Will Establish Oversight Teams for Frade Field in Brazil

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Chevron (NYSE: CVX) creates teams in Brazil for risk, monitoring, and containment, according to Bloomberg headlines. Teams will monitor the Frade field in Brazil.

The move comes as Chevron continues battling lawsuits in Brazil due to a recent spill. About 3,000 barrels leaked in the offshore play, leading to a $20 billion lawsuit from federal prosecutors in Brazil for environmental damages.

Last March, Chevron and Transocean (NYSE: RIG) were ordered to suspend operations in Brazil, with the ruling being upheld by Brazil's second-highest court -- Superior Justice Tribunal -- last week.

Reports have Chevron looking to bring 16 people on board, which includes about 5 executives.

Chevron shares are up about 0.8 percent Monday.

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