Texas Insider Report: AUSTIN Texas Texas Attorney General Ken Paxton today announced that Texas together with four states and the federal government had reached an agreement in principle with BP that fully resolves all remaining government claims against the company resulting from the 2010 Deepwater Horizon disaster.
Texas share of todays announced settlement totals more than $788 million. Combined with money from previous settlements Texas will ultimately receive more than $1 billion dedicated to restoring Texass Gulf resources.
This settlement represents an important milestone in the ongoing recovery of the Gulf Coast and the families and businesses impacted by the spill" Attorney General Ken Paxton said. By funding much-needed restoration projects along the coast Im hopeful this will help bring some measure of closure to people who even today are still dealing with the ramifications of this awful accident."
The total value of the settlement will be $20.2 billion. Under the agreement BP will pay $5.5 billion in federal Clean Water Act (CWA) civil penalties $8.8 billion in natural resource damages (NRD) $4.9 billion in economic damages to the five Gulf states and up to $1 billion in economic damages to local governmental entities within the Gulf states. These figures include interest.
An estimate well over $400 million from the CWA penalties will be made available for restoration projects in Texas pursuant to the RESTORE Act. In addition $238 million of the $8.8 billion in NRD is allocated for restoration projects in Texas. Texas is also allocated $150 million in economic damages.
The money will be paid in installments over 15 years for CWA penalties and NRD beginning in 2017 and over 19 years for economic damages.
This settlement will complete a series of prior settlements and plea agreements with other parties responsible for the disaster including Texass settlement with MOEX Transoceans settlement of its CWA penalties with the United States and federal criminal plea agreements entered by BP and Transocean. Through these prior settlements an additional $275 million is available for restoration projects in Texas.
Texas Insider Report: AUSTIN Texas Texas Attorney General Ken Paxton today announced that Texas together with four states and the federal government had reached an agreement in principle with BP that fully resolves all remaining government claims against the company resulting from the 2010 Deepwater Horizon disaster.
Texas share of todays announced settlement totals more than $788 million. Combined with money from previous settlements Texas will ultimately receive more than $1 billion dedicated to restoring Texass Gulf resources.
This settlement represents an important milestone in the ongoing recovery of the Gulf Coast and the families and businesses impacted by the spill" Attorney General Ken Paxton said. By funding much-needed restoration projects along the coast Im hopeful this will help bring some measure of closure to people who even today are still dealing with the ramifications of this awful accident."
The total value of the settlement will be $20.2 billion. Under the agreement BP will pay $5.5 billion in federal Clean Water Act (CWA) civil penalties $8.8 billion in natural resource damages (NRD) $4.9 billion in economic damages to the five Gulf states and up to $1 billion in economic damages to local governmental entities within the Gulf states. These figures include interest.
An estimate well over $400 million from the CWA penalties will be made available for restoration projects in Texas pursuant to the RESTORE Act. In addition $238 million of the $8.8 billion in NRD is allocated for restoration projects in Texas. Texas is also allocated $150 million in economic damages.
The money will be paid in installments over 15 years for CWA penalties and NRD beginning in 2017 and over 19 years for economic damages.
This settlement will complete a series of prior settlements and plea agreements with other parties responsible for the disaster including Texass settlement with MOEX Transoceans settlement of its CWA penalties with the United States and federal criminal plea agreements entered by BP and Transocean. Through these prior settlements an additional $275 million is available for restoration projects in Texas.
