Chevron Waiting To Resume Offshore Drilling In Brazil

Chevron (NYSE: CVX) the second largest oil and natural gas company in the U.S., is hoping to resume offshore drilling in Brazil as soon as possible.

The company was banned from drilling last year after one of its rigs spilled 2,400 barrels of oil in November.

Speaking to reporters in Brasilia, Ali Moshiri, Chevron's vice president for Africa and Latin America exploration and production, said the company is waiting for instructions from the country's industry regulator before work can resume, reported Bloomberg.

In November, a company appraisal well experienced a kick back, or a surge in pressure, which cracked the ocean floor allowing oil to seep out into the South Atlantic.

The company voluntarily suspended its drilling operations on Nov. 23, and was forced to shut in one of its production wells after Brazilian authorities conducted a safety audit of Chevron's offshore assets.

The company was fined $28 million for the spill.

Shares of Chevron rose 40 cents to $111.59 in Wednesday trading.