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BP Wins $1.3 Million in Gas, Oil Lease Overpayment Interest

April 29, 2020, 9:30 PM

BP American Production Co. is entitled to $1.3 million in oil and gas lease overpayment interest that accrued before the government’s authority to make such payments was revoked by the Fixing America’s Surface Transportation Act, the U.S. Court of Federal Claims said.

BP holds more than 150 leases to extract oil and gas from federal lands in New Mexico. The leases are managed by the Department of the Interior’s Office of Natural Resources Revenue. BP sometimes overpaid the royalties due on its leases, resulting in the accumulation of overpayment interest.

ONRR claimed BP owed about $950,000 in royalties, because after ...

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