BP to Pay Royalties on Captured Oil From Spill
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
Jul 31, 202014.6K Shares1.1M Views
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 tothe 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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