Century Exploration Sues US Over Drilling Rules

Law360, New York (January 25, 2011, 5:47 PM EST) -- A Louisiana oil exploration company with a lease on land under the Gulf of Mexico has sued the U.S., alleging that government regulations imposed after the Deepwater Horizon spill have hurt the value of the lease.

Century Exploration New Orleans Inc. filed the suit Tuesday in the U.S. Court of Federal Claims, claiming that the government's actions in the wake of the Deepwater Horizon oil spill have breached the company's lease.

By imposing a moratorium on drilling and new safety regulations, the U.S. has effectively taken...
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