rssBP to Pay Royalties on Captured Oil From Spill
Thursday, July 15, 2010 at 12:32 pm
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BP will have to pay royalties on all oil and gas that it captures from the Macondo well, which has been leaking thousands of gallons of oil into the Gulf of Mexico since April, according to the Interior Department. At the same time, if BP is found to be negligent or in violation of regulations in a pending investigation into the cause of the spill, the company will have to pay royalties on all the oil that has been spewed into the Gulf.
Michael Bromwich, director of the Interior Department’s newly formed Bureau of Ocean Energy Management, Regulation and Enforcement, sent a letter today to BP notifying the company of the decision.
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