Jindal: BP Agrees to Pay USD 340 Million for Restoration (USA)

BP Agrees to Pay USD 340 Million for Restoration

Governor Bobby Jindal announced that BP has agreed to fund approximately $340 million in restoration projects for Louisiana. This investment is part of the $1 billion that BP agreed to invest for early restoration of damaged natural resources resulting from the Deepwater Horizon oil spill.

BP has agreed to fund approximately $340 million for the restoration of four barrier islands from Terrebonne Parish to the east bank of Plaquemines Parish and two Fish Stock Research and Enhancement Centers.

In 2010, Louisiana was the first state to request that BP make a down payment to immediately begin restoring the damage the spill caused to the Gulf and coastal communities. In April of 2011, BP finally agreed to the state’s request when they agreed to make a down payment of $1 billion for restoration projects across the Gulf.

In July of 2011, Governor Jindal announced the “Louisiana Plan” – an initial list of priority projects that the state would be seeking under the $1 billion down payment. The list was developed with input from parishes, fishermen, coastal families, and other stakeholders.

Before this announcement, BP had only approved 10 projects representing nearly $70 million of the $1 billion down payment. Governor Jindal stressed that the state has been frustrated by the slow pace of progress from BP in committing these funds to restoration needs in the Gulf and that this new investment is long overdue.

Governor Jindal said, “We have been very frustrated by the slow pace of progress in committing these funds to restoration needs in the Gulf. Today, we are excited to announce a big, and overdue, step forward in the restoration of Louisiana’s Gulf.

“We must aggressively move forward on these and other important restoration projects to ensure future generations have the same great opportunities we have been able to experience growing up on the coast. This announcement today makes a great stride forward, but this marathon is far from over. We are going to hold BP accountable for all of the damages they have caused to our coast, our fishermen, our small businesses and our families.”

This $340 million in funding represents the largest single component of restoration projects across the Gulf that BP has ever approved. Overall, Louisiana is home to approximately $370 million in projects approved so far through the early restoration process.

[mappress]

Press Release, May 1, 2013

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