Chevron plugged the well. Close call:

Chevron plugging offshore well in Brazil

Setback in offshore exploration effort after oil leak

Chevron said well-control operations have been successful and that any fluid flow from the well appears to have ceased. “This is the first sign of progress in efforts to contain an oil spill,” analysts at Credit Suisse said in a note to clients on Wednesday…

The Brazilian government had estimated a leak rate of 200 to 330 barrels a day, with up to 882 barrels reaching the surface so far, according to reports. Frade ranks among the largest deepwater heavy oil projects in the world and “one of our company’s biggest capital investments,” Chevron said on its corporate Web site.

Chevron began production at the Frade field in 2009, with daily output now at around 80,000 barrels a day. Over the weekend, Chevron said it was managing a fleet of 17 vessels with a presence in the Campos Basin to help control the oil sheen with containment booms, skimming and washing.

Although the leak is relatively small, it served as a scaled-down reminder of risks of oceanic oil exploration in the wake of the 2010 oil spill by BP PLC BP -0.02% in the Gulf of Mexico.”

Source: MarketWatch