Governor Jindal, Attorney General Caldwell, and state officials announced today that an Agreement in Principle has been reached with BP Exploration & Production. The agreement is on all of the state and federal claims arising from the 2010 Deepwater Horizon oil spill.
The Agreement in Principle totals approximately $18.732 billion, of which Louisiana anticipates receiving more than $6.8 billion for claims related to Natural Resource Damages under the Oil Pollution Act of 1990, the State’ share of Clean Water Act penalties, and the State’s various economic claims.
"Five years ago my administration committed to holding BP accountable for the Deepwater Horizon disaster, said Jindal. "Today, through extensive coordination with the Attorney General’s office and the State’s coastal authorities, we’ve made good on that promise. The agreement will not only restore the damage inflicted on our coastal resources by the Deepwater Horizon oil spill, it will also allow Louisiana to continue aggressively fighting coastal erosion," he said.
Upon finalization, the agreement announced will bring Louisiana’s total recovery from the Deepwater Horizon disaster to approximately $10 billion.
