Chevron finds 'seep' off Brazil's coast

U.S. supermajor Chevron announced it issued a request to halt production at the Brazilian offshore Frade field after discovering a small seep. "Chevron has identified a small new seep in the field and subsidence in the area," a statement read. "The company will conduct a comprehensive technical study and prepare a complementary study to better understand the geological features of the area, working with our partners and seeking necessary approvals from (the Brazilian) National Petroleum Agency." In November, the Brazilian government announced plans to impose a $27.7 million fine on Chevron for a similar oil spill at the Frade field. Chevron had said around 2,400 barrels of oil leaked from a seep line. The company initially said a sheen drifting from the Brazilian coast in November was estimated to represent about 650 barrels of oil. The project is about 230 miles off the coast of Rio de Janeiro in 3,800 feet of water. An estimated 50 billion barrels of oil lies off the country's coast, a volume that's expected to put the Latin American country on par with some of the world's top oil producers.