Brazil's oil regulator said it will fine Chevron Corp. for falsifying information about a spill in deep waters off the coast of Rio de Janeiro and for failing to meet a plan to counter the accident.
The value of the fines for the two violations will be set after the end of a probe into the leak, the regulator, known as ANP, said Tuesday. The environment agency, which fined Chevron 50 million reais ($28 million) on Monday, and the Brazilian Navy are also investigating the spill, ANP said.
The leak, which started Nov. 7 in Chevron's $3.6 billion Frade project in the Campos Basin, may lead to tighter regulations for oil producers, which could affect Brazil's output target, according to Erasto Almeida, a analyst at New York-based research company Eurasia Group.
The primary source of the Chevron spill has been blocked and its size has been reduced to less than a square mile, ANP said.