NFWF CEO comments on BP settlement for Deepwater Horizon Oil Spill

Washington, D.C., July 2, 2015 — The Gulf Coast states and the federal government have reached a tentative settlement with BP for the British oil company to pay $18.7 billion over 18 years, to compensate for damages from the 2010 Deepwater Horizon oil spill, the Associated Press and the New York Times reported early today.

The settlement covers suits filed by five states — Alabama, Florida, Louisiana, Mississippi and Texas — the federal government, and more than 400 local government entities in the Gulf States.

“The certainty provided by this settlement will help all of those involved in Gulf recovery efforts to continue to allocate resources in a manner that provides the maximum benefit to native species, habitats and local communities that were damaged by the 2010 oil spill,” said Jeff Trandahl, executive director and CEO of the National Fish and Wildlife Foundation (NFWF). “NFWF appreciates the efforts of all parties helping to move forward with Gulf of Mexico restoration.”

The $18.7 billion announced today is in addition to recovery funds BP had already agreed to pay. In early 2013, a U.S. District Court approved two plea agreements resolving certain criminal cases against BP and Transocean which arose from the 2010 oil spill. The agreements direct a total of $2.544 billion to the NFWF to fund projects benefiting the natural resources of the Gulf Coast that were impacted by the spill.

Between 2013 and 2018, NFWF’s newly established Gulf Environmental Benefit Fund will receive a total of $1.272 billion for barrier island and river diversion projects in Louisiana, $356 million each for natural resource projects in Alabama, Florida, and Mississippi, and $203 million for similar projects in Texas.

Now in its third year, the Gulf Environmental Benefit Fund has supported 51 projects worth nearly $395 million. In making the awards, NFWF has worked closely with key state and federal resource agencies to select projects that remedy harm and eliminate or reduce the risk of future harm to Gulf Coast natural resources.

 

 

 
 

 Contact:

 

Rob Blumenthal, 202-857-0166