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Brazil's ANP Fines Petrobras over Output Measures

Source: Reuters 7/28/2014, Location: South America

Brazil's petroleum regulator, the ANP, fined state-run oil company Petroleo Brasileiro SA 5.55 million reais ($2.49 million) after problems were discovered with gauges used to measure oil and gas output in the Lula offshore field, the ANP said on its Web site.

The output levels recorded by the gauges are used in the calculation of royalty payments to Brazil's government. An appeal by Petrobras, as the company is known, was turned down by the ANP. In July, Petrobras said each of the four wells linked to its Cidade de Angra dos Reis floating production, storage and offloading ship in Lula was producing an average of 24,000 barrels of oil a day.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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