Financial Times FT.com

US drillers to get $1bn court award

By Sheila McNulty in Houston

Published: August 26 2008 03:00 | Last updated: August 26 2008 03:00

A US federal appeals court ruled yesterday that 11 oil and gas companies should receive more than $1bn awarded to them in 2006 after the government effectively changed the terms of leases to drill off the California coast.

The US Court of Appeals was upholding a 2006 ruling that the government had breached the leases when changes in federal law materially interfered with the companies' efforts to develop the oil and gas reserves off California.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this