Petrobras fined for Campos basin operations

Brazil's federal energy company Petrobras will pay $97.9 million in fines for failing to implement measures to control environmental damage in 101 offshore fields in the Campos basin.

Offshore staff

(Brazil)- Brazil's federal energy company Petrobras will pay $97.9 million in fines for failing to implement measures to control environmental damage in 101 offshore fields in the Campos basin. The ruling comes down from Brazil's federal environmental protection agency Ibama per an agreement signed in August 2004.

Certain environmental protection measures were to be implemented by Petrobras as outlined in the agreement, but drilling continued without express authorization from Ibama, the government agency said in a statement.

Petrobras has 10 days to pay or appeal the fine. Ibama said that the fine is set at 50,000 reais a day (approximately $23,150).

The Campos basin is Brazil's most productive oil district, accounting for about 80% of the country's total oil production of some 1.8 MMb/d.

02/13/2006

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