Brazilian Officials May Ban Transocean (RIG), Downgrade Chevron (CVX) Following Oil Spill
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Chevron (NYSE: CVX) took full responsibility for the oil spill in its Frade field Monday, and said it will continue to work with the Brazilian government to make sure the entire mess is taken care of properly.
Head of Brazil’s oil regulator, Haroldo Lima, believes action moving forward may not be enough to prevent a downgrade of Chevron's deep water operations off the coast.
Lima also said the government will be looking into a ban on Transocean (NYSE: RIG), directly hired by Chevron to drill the offshore oil which the spill is coming from.
Transocean was also associated with BP’s (NYSE: BP) giant oil spill in the Gulf of Mexico in 2010.
Head of Brazil’s oil regulator, Haroldo Lima, believes action moving forward may not be enough to prevent a downgrade of Chevron's deep water operations off the coast.
Lima also said the government will be looking into a ban on Transocean (NYSE: RIG), directly hired by Chevron to drill the offshore oil which the spill is coming from.
Transocean was also associated with BP’s (NYSE: BP) giant oil spill in the Gulf of Mexico in 2010.
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