BP says the amount of money it will spend on early restoration projects to repair damage to the environment caused by the 2010 Gulf of Mexico oil spill has now reached $665 million, more than half of the up to $1 billion it committed two years ago to spend.
The British oil giant said Friday it and federal and state officials have reached agreement on 28 additional proposed projects in the Gulf that are expected to cost roughly $594 million. Earlier this week, the total for new projects had reached $340 million. Ten projects were agreed to previously, accounting for the rest of the money to be spent.
The new projects will be located across Texas, Louisiana, Mississippi, Alabama and Florida. Some will involve restoration of dune and seagrass habitats, as well as barrier islands that protect coastal areas from waves and tides.
BP and trustees of the program must agree on potential projects, funding and the natural resources’ benefits the projects are expected to provide.
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.