Federal prosecutors and Chevron are drawing criticism for a proposal under which the oil giant would pay R$311 million (US$149 million) in environmental compensation and oilfield-safety investments to settle two lawsuits seeking damages of R$40 billion ($19.1 billion) for two offshore oil spills. Chevron proposed the settlement in talks with the watchdog agency that filed the suits, the federal prosecutor’s office for Rio de Janeiro state. Prosecutors don’t rule out the possibility that the settlement amount could be adjusted in final negotiations, which they expect to result in a signed agreement in February. “Once the agreement, soon to be finalized, has been signed, the federal prosecutor’s office plans to drop the two lawsuits it filed in connection with the spills, which... [Log in to read more]