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Petrobras says Libra local content fines could reach $630 mln

Reuters - UK Focus

RIO DE JANEIRO, March 23 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said the consortium developing the offshore Libra area may have to pay up to $630 million in fines for failing to meet local content requirements, according to a Thursday securities filing.

The company, known as Petrobras, said petroleum industry regulator ANP may still waive some requirements, as requested by the consortium including Petrobras, France's Total SA (Paris: FR0000120271 - news) , Royal Dutch Shell Plc (LSE: 0LN9.L - news) and China's CNPC and CNOOC (HKSE: 0883-OL.HK - news) .

(Reporting by Marta Nogueira; Writing by Brad Haynes)