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PBR » Topics » P-36

This excerpt taken from the PBR 20-F filed May 22, 2009.
P-36 production platform, located in the Roncador field (75 miles off the Brazilian coast) led to the death of 11 employees and eventual sinking of the platform. The accident also caused 396,300 gallons of diesel fuel and oil to spill into the ocean. As a result of the accident:
 
  •     the Federal Public Ministry filed a lawsuit in 2002 seeking the payment of R$100 million as environmental damages, among other demands. We have presented our defense to these claims and are awaiting a decision; and
 
  •     IBAMA fined us approximately R$7 million. We challenged these
 
 
fines through administrative proceedings. One of these proceedings has ended and the fine (in the amount of R$2 million) has been upheld by IBAMA. We filed suit (ação anulatória) to annul the administrative decision upholding the R$2 million fine. The other administrative proceeding has not yet been decided.
 
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