The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( Trefis) -- Chevron's ( CVX) troubles in Brazil took a turn for the worse as a new sheen was discovered near the Frade fields. The news was followed by a court decision that some of its executives could not leave the country as prosecutors look to file charges against the company as well as some of its top executives for an oil spill in November last year at the same location. The list of executives barred from leaving the country includes George Buck, who heads Chevron Brazil. Production at the field is being shut down after the company put forth plans to stop production at the field to better understand the geology of the field. A few officials of rig operator Transocean ( RIG) have also been barred from leaving Brazil.
Deepwater exploration in Brazil and other places such as West Africa are an important part of Chevron's strategy to raise output by 20% till 2017. Observers say that the tough reaction from the Brazilian government towards the spill and the legal issues faced by the company in Ecuador may push Chevron to rethink its strategy in Latin America. The company's growth plans in the region will have an important bearing on its long-term output levels. Click here to find out how a company's products impact its stock price at Trefis. Like our charts? Embed them in your own posts using the Trefis Wordpress Plugin.