Injunction Could Damage Brazilian Oil Sector

BMI View: Chevron is in the process of appealing against an injunction which has banned both it and its drilling partner Transocean from operating in Brazil. The injunction is the latest development in an escalating situation in which the Brazilian courts appear keen to make an example out of Chevron on environmental grounds. However, due to Chevron and Transocean's critical roles in the Brazilian oil and gas sector, it is likely that the injunction will be overturned and normal production is expected to resume sooner rather than later.

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