BP Accelerates $350M Payment to Louisiana for Deepwater Horizon Settlement
What happened
BP reached an agreement with the state of Louisiana to accelerate payments related to economic damages from the 2010 Deepwater Horizon oil spill and resolve remaining coastal zone lawsuits. The company will make a single payment of approximately $350 million to the state, replacing $373 million that was scheduled to be paid over seven years. The agreement was signed by Louisiana Governor Jeff Landry, Attorney General Liz Murrill, and BP CEO Meg O’Neill.
From trend.az
Why it matters
The agreement provides Louisiana with earlier access to the settlement funds while resolving ongoing coastal zone litigation. Louisiana Governor Jeff Landry stated the resolution is a step toward creating a more stable environment for investment and job creation within the state’s oil and gas industry.
From trend.az
Who's involved
- BPBritish energy major making the accelerated payment to the state.
- LouisianaState of the United States of America receiving the settlement funds and resolving litigation.
- Meg O'NeillChief Executive Officer of BP who signed the agreement.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- LouisianaSpeculative
Louisiana might see an increase in available state funding due to the early receipt of the $350 million settlement.