OREANDA-NEWS. BP and federal and state Natural Resource Damages (NRD) Trustees have reached agreement in principle on two additional proposed early restoration projects in Louisiana that are expected to cost approximately USD 340 million. The projects are part of BP's unprecedented commitment to provide up to USD 1 billion in early restoration funding to expedite recovery of natural resources injured as a result of the Deepwater Horizon accident.

BP has been working diligently with the Trustees to develop additional projects to meet BP's commitment to early restoration. In fact, for several months now BP had an agreement in principle with the Trustees to proceed with a number of projects, including those announced today by Louisiana. The Trustees made a decision to hold such announcements until months after our agreement in principle.

“We are extremely pleased to have reached agreement with the Trustees on the new projects, which will provide significant long-term benefits to the environment and the people of Louisiana,” said Laura Folse, BP’s Executive Vice President for Response and Environmental Restoration. “With the help of the extensive cleanup efforts, early restoration projects, and natural recovery processes, the Gulf is returning to its baseline condition, which is the condition it would be in if the accident had not occurred.”

BP and the Trustees have now agreed to a total of four early restoration projects in Louisiana expected to cost approximately USD 370 million, including two projects that were approved in 2012 and are already underway. BP stepped up to make funds available, enabling restoration projects to begin before the ongoing NRD assessment is complete.

The new Louisiana projects will create a fish hatchery facility and will rebuild and restore beach, dune and marsh habitat on a number of coastal Louisiana islands.

The Agreement between BP and the Trustees is unique in that it makes it possible for restoration to begin at an earlier stage of the NRD process. NRD restoration projects are typically funded only after a final settlement has been reached or a final court judgment has been entered. The Agreement allows the parties to expedite projects to restore, replace or acquire the equivalent of injured natural resources in the Gulf soon after an injury is identified, reducing the time needed to achieve restoration of those resources.

Under the Agreement, BP provides the funding and the Trustees implement the projects. Funding is provided from the USD 20 billion trust BP established in 2010 to pay claims, final judgments in litigation and litigation settlements, state and local response costs and claims, and natural resource damages and related costs.

In addition to the early restoration projects, to meet its commitments in the Gulf, BP has spent more than USD 14 billion in operational response and clean-up costs; has paid USD 10.7 billion to individuals, businesses and government entities for claims, settlements and other payments; and has agreed to a settlement with the Plaintiff’s Steering Committee that will resolve the substantial majority of outstanding private economic loss, property damage and medical claims.