bp and the State of Louisiana announced an agreement to resolve two long-standing legacy matters, delivering Deepwater Horizon funds to the state now and resetting the relationship between bp and Louisiana so both can focus on the future.

Under the agreement, signed by Governor Jeff Landry, Attorney General Liz Murrill and bp Chief Executive Officer Meg O’Neill:

• bp will bring forward its remaining payments to Louisiana under the 2015 Deepwater Horizon Economic Damages Settlement into a single early payment of approximately $350 million – giving the state certainty and access to the funds now, rather than over the next seven years.
• The remaining coastal zone lawsuits brought by Louisiana parishes to which bp is a party will be resolved, bringing long-running litigation to a close.

O’Neill said: “We will never forget the 11 men who lost their lives, or the impact on their families, communities and the environment across the Gulf Coast. Deepwater Horizon was a tragedy that forever changed bp, and the lessons we learned continue to guide how we operate today.

This agreement with Louisiana accelerates the delivery of our commitments and provides the state with access to these funds now. I would like to thank Governor Jeff Landry and Attorney General Liz Murrill for their leadership in reaching this agreement.”

Landry said: “I want to thank bp for coming to the table. Unresolved issues, like these, hold Louisiana back. As Governor I have worked to responsibly and ethically, clean up the litigation environment that has impacted one of our largest employers – the oil and gas industry. This is just another step in fulfilling my promise.

We have tackled legacy lawsuits, which many said was impossible. We have now disposed of claims and settled with all but one of the major defendants in these coastal cases. This sends a signal to job creators all over America that Louisiana welcomes jobs and economic growth while responsibly dealing with the issues of the past.

We appreciate bp’s commitment and investment in Louisiana and look forward to a great partnership in producing the energy needed to fuel opportunity in Louisiana.”

Murrill said: “Louisiana has been a leader in defending, building, and protecting energy security nationally and internationally. I’m grateful to join Governor Landry and bp America as we build a stable energy supply. Resolving issues of the past paves our way to a brighter future working relationship.”

Orlando Alvarez, Chairman and President, bp America, said: “Louisiana is home to more than 800 bp employees, and our business here – from the Haynesville to the Gulf of America – is central to bp’s future in the US. Resolving these matters strengthens the foundation for our work in the state, and we’re proud to keep building that future with Louisiana.” -OGN/TradeArabia News Service