Petroleo Brasileiro S.A. Petrobras is contesting, through an administrative proceeding, the penalty of Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA) over an alleged breach of a Termo de Ajustamento de Conduta (TAC) relating to drilling operations in…
Petroleo Brasileiro S.A.-PETROBRAS is awaiting judgment over a case concerning the Oct. 13, 2002 power blackout in FPSO P-34, which is located in the Barracuda-Caratinga fields.
The blackout affected the ship’s water balance system and causing the FPSO to roll. Four…
Petroleo Brasileiro S.A.-PETROBRAS’s aggregate amount of estimated costs on a discounted basis for asset retirement and environmental remediation provision at Dec. 31, 2008 was US$2.825 billion.
Under various contracts, permits and regulations, the Company has material legal obligations to remove equipment…
Petroleo Brasileiro S.A.-PETROBRAS continues to face lawsuits and investigations pertaining to significant oil spills.
Between 2004 and 2008, the Company experienced several accidents, some of which led to significant oil spills: 115,179 gallons in 2008, 101,970 gallons in 2007, 77,402 gallons…
Petroleo Brasileiro S.A.-PETROBRAS invested about US$1.075 billion in environmental projects in 2008, compared with about US$1.015 billion in 2007 and US$645 million in 2006.
These investments were primarily directed at reducing emissions and wastes resulting from industrial processes, managing water use…
Petroleo Brasileiro S.A.-PETROBRAS continues to face legal action over a rupture of the Araucaria-Paranagua pipeline, which resulted in an oil spill.
On Feb. 16, 2001, the Company’s Araucaria-Paranagua pipeline ruptured as a result of an unusual movement of the soil and…
Petroleo Brasileiro S.A.-PETROBRAS’ maximum exposure including monetary restatement, as of Dec. 31, 2008, is US$48 million, over a matter concerning the Araucaria-Paranagua pipeline rupture.
On Feb. 16, 2001, the Company’s Araucaria-Paranagua pipeline ruptured and as a result fuel oil was spilled…
Petroleo Brasileiro S.A.-PETROBRAS’ maximum exposure including monetary restatement, as of Dec. 31, 2008, is US$91 million, over an oil spill related to the sinking of the P-36 Platform.
On March 15, 2001, a spill resulting from the accident involving the P-36…
Petroleo Brasileiro S.A.-PETROBRAS continues to face actions over a March 15, 2001 gas explosion inside one of the columns of the P- 36 production platform, located in the Roncador field (75 miles off the Brazilian coast).
The explosion led to the…
A lawsuit filed against Petroleo Brasileiro S.A.-PETROBRAS, concerning pollution and brought in the State Court of Sao Paulo, is entering the discovery phase, according to the Company’s annual report, on Form 20-F, filed with the Securities and Exchange Commission on…