ATP Ready To Leap On $68 Million Lawsuit
By Cris Frangold:
ATP Oil & Gas (ATPG) may be setting an example for other oil and gas companies with its lawsuit for $68 million against the U.S. government.Recently ATP elected to sue the U.S. government for $68 million based on the fact that the company has lost a substantial amount of money due to the suspension of its activities in the Gulf of Mexico following the oil spill in the area two years ago. The company claims that this suspension is illegal and hat it has caused significant damages to the company. Essentially what happened is that the government issued a ban on activities in the area following the spill. However, since then, the ban has been lifted. Yet the government is very slow to reissue permits to companies such as ATP in order to allow it to continue its activities in the area. In the words of ATP itself, theComplete Story »
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