BP announced today that its U.S. subsidiary, BP Exploration and Production Inc (BPXP), has implemented agreements with the U.S. federal government and five Gulf Coast states. «The adoption of this agreement will open a final chapter of hope in the six-year history of the Deepwater Horizon tragedy,» said Attorney General Loretta Lynch. «Today`s action places BP responsible for the greatest environmental sanction of all time and launches one of the most important efforts ever to restore the environment. I would like to thank all those who made this possible, including my predecessor, Attorney General Eric Holder, and the federal authorities and the states that developed the comprehensive recovery plan. The Department of Justice will continue to work with the people of the Gulf as they attempt to rebuild and protect the marine life, coastal systems and beautiful beaches that have made the region a valuable natural resource. $ 8.1 billion in damage to natural resources, including $1 billion that BP has already declared for early restoration, for the sharing by federal and regional administrators in the restoration of damaged resources. BP will also pay up to an additional $700 million, some of which will be used in accrued interest, including to meet the natural resource conditions discovered later, which were unknown at the time of the agreement, and to assist in adaptive management. Funds for natural resource damage will fund Gulf restoration projects selected by federal and regional administrators to achieve five different restoration objectives and 13 categories of restoration projects. These include restoration, which focuses on helping habitats such as coastal wetlands, but also includes specific resource types such as marine mammals, fish and invertebrates, sturgeon, submerged aquatic vegetation, oysters, sea turtles, birds and lost recreation. In order to remedy any damage to natural resources known at the time of the agreement, starting 10 years after the agreement, the federal government and the Gulf States may demand the accelerated payment of accrued but unpaid interest on damages caused by natural resources.
«The impact of the comparison on our balance sheet and cash flow will be manageable and allow BP to continue to invest and grow in its business within a robust and robust financial framework.» «Today is a day of justice for every Gulf family and community whose health, land, water and livelihoods have been threatened by the Deepwater Horizon disaster,» said Epa Administrator Gina McCarthy. «This agreement invests billions of dollars in work to help restore the Gulf and makes BP publicly responsible for changes in its practices to prevent this kind of disaster from happening again.» In addition, BP has entered into separate agreements to pay $4.9 billion to the five Gulf countries and, totalling $1 billion, to several hundred local government agencies to pay for the economic damage they suffered as a result of the spill.