Chevron gets OK for Brazil restart
San Ramon-based Chevron has received permission from Brazil to restart oil production from an offshore energy field that was shut down due to a leak of crude oil from the ocean floor.
Brazil's oil regulator, ANP, said Monday that it authorized the resumption of output from the Frade field.
The restart comes more than a year after a November 2011 spill forced the No. 2 U.S. oil company to stop production.
Brazil was heavily criticized for the manner in which regulators and prosecutors pursued actions against Chevron. Experts consider the spill as a minor accident.
Estimates were that 2,400 to 3,700 barrels of crude were leaked into the Atlantic Ocean due to the Chevron accident. In contrast, a BP oil spill in the Gulf of Mexico in 2010 caused a leak of 4.9 million gallons.
Sunnyvale offices bought by DivcoWest
Two Sunnyvale buildings that are completely leased to existing tenants have been bought by DivcoWest, an indication that investors still hunger for Silicon Valley office properties.
DivcoWest bought 1252 and 1310 Orleans Drive. The buildings total 100,000 square feet. CB Richard Ellis arranged the purchase.
Accuray and Bloom Energy are the tenants. Each company occupies one building.
Orchard Partners and AEW Capital Management sold the buildings. Terms weren't disclosed.
Peet's making first entry in eastern states
Emeryville-based Peet's Coffee & Tea will make its first several eastern states after Caribou Coffee re-brands nearly 100 outlets as Peet's stores.
Caribou Coffee will close 80 underperforming stores and re-brand 88 other Caribou outlets to Peet's Coffee & Tea. The conversions will occur over the next 12 to 18 months in Washington D.C. and eight states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois and Wisconsin.
Germany-based Joh. A. Benckiser Group, a private equity group, bought Caribou Coffee for $340 million in December 2012. The Benckiser Group is also a majority owner of Peet's.