Key facts
- BP will make a single early payment of approximately $350 million to Louisiana.
- The agreement resolves remaining coastal zone lawsuits brought by Louisiana parishes against BP.
- The settlement aims to provide Louisiana with certainty and access to funds now.
BP and the US state of Louisiana reached an agreement on Friday to settle two long-standing disputes stemming from the 2010 Deepwater Horizon oil spill. The deal includes an accelerated payment of approximately $350 million, consolidating remaining economic damages payments due to the state. It also resolves outstanding coastal zone lawsuits filed by Louisiana parishes against the energy company. BP stated that the agreement accelerates the delivery of its commitments and provides the state with immediate access to funds. Louisiana officials, including Governor Jeff Landry and Attorney General Liz Murrill, expressed appreciation for BP's cooperation, framing the resolution as a step towards improving the state's litigation environment and welcoming future investment.