Settlement made in BP oil spill
Federal court approves $8.8 billion; $248 million to go to Texas restoration
SAN ANTONIO – BP and the Deepwater Horizon oil spill Natural Resource Damage Assessment Trustees have come to a settlement for natural resource injuries stemming from the oil spill in the Gulf of Mexico, concluding the largest natural resource damage assessment ever undertaken.
Under the settlement, the BP will pay up to $8.8 billion for restoration to address the natural resource injuries, including:
- $1 billion already committed during early restoration
- $7.1 billion for restoration over 15-plus years, beginning in April 2017
- Up to an additional $700 million to respond to natural resource damages unknown at the time of the agreement and/or to provide for adaptive management
The settlement allocates $238 million for Texas restoration efforts, including about $49 million already received by the state as part of early restoration.
The funds will help to restore wetlands and other coastal habitats, reduce nonpoint source pollution, and restore coastal and marine resources injured by the spill such as oysters, birds and sea turtles.
As the restorations begin and move forward, Texas trustees will develop project-specific proposals for Texas' coast. The public will be able to review and comment on said proposals through public meetings, online reviews and other means.
After the proposals are approved, the trustees will begin the restoration planning, implementation and monitoring.
Click here for more information about the agreement.
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