Chevron takes blame for Brazil oil spill

An ongoing oil spill off the Brazilian coast occurred because Chevron underestimated the pressure in an underwater reservoir, the head of the company's Brazil operations said Sunday.

George Buck, chief operating officer for the Brazilian division of the San Ramon, California-based company, told foreign journalists that Chevron "takes full responsibility for this incident," and that "any oil on the surface of the ocean is unacceptable to Chevron."

But Buck rejected accusations the company did not notify authorities quickly enough after the leak was detected and that it did not properly manage cleanup operations.