Louisiana to Receive a Minimum of $6.8 Billion for State Claims Related to BP Oil Spill
“Today’s announcement is welcomed news for Louisiana,” said Johnny Bradberry, Governor John Bel Edwards’ executive assistant for coastal activities. “The finalization of the settlement provides certainty regarding the timing and availability of funding needed to move forward with significant recovery efforts. We will continue working with the utmost sense of urgency and engaging with our federal partners and the public to get critical projects on the ground as quickly as possible.”
The Court’s approval of the Consent Decree finalizes the agreement in principle announced in July of 2015 and allows Louisiana to move forward with identifying and implementing projects. This settlement combined with prior Deepwater Horizon-related settlements translates into approximately $8.7 billion for Louisiana coastal restoration.
Under the terms of the Consent Decree, BP will pay the following:
- Up to $8.8 billion for natural resource damages (includes $1 billion in early restoration projects);
- $5.5 billion for Clean Water Act civil penalties (plus interest; subject to the RESTORE Act); and
- $600 million for other claims.
- A minimum of $5 billion for natural resource damages (includes $368 million previously allocated for early restoration projects);
- A minimum of approximately $787 million for Clean Water Act civil penalties (subject to the RESTORE Act); and
- $1 billion for state economic damages.
