BP to fund $340 million in early restoration projects in Gulf

BP will pay $340 million toward the up to $1 billion the company agreed to pay for early restoration projects in states affected by the 2010 Gulf of Mexico oil spill, Republican U.S. Sen. David Vitter of Louisiana said Tuesday.

Last year, BP began work on an initial set of projects to improve nesting habitats for birds and loggerhead sea turtles on some Gulf Coast beaches. The projects were identified as part of the agreement BP signed with state and federal officials in 2011.

Read more: Gulf coast wildlife restoration effort shows progress

BP and trustees of the program must agree on potential projects, funding and the natural resources’ benefits the projects are expected to provide.

Projects previously have been identified in Alabama, Mississippi, Louisiana and Florida.

Among BP’s many liabilities arising out of the worst offshore oil spill in U.S. history is the Natural Resources Damage Assessment process that is part of determining the full impact of the disaster on the Gulf and how best to fix the situation.

BP owned the Macondo deep-water well that blew out on April 20, 2010 off the Louisiana coast.