$200M oil spill damage payment expected Friday in Louisiana
BATON ROUGE - Louisiana is expecting Friday to receive $200 million from BP, the first portion of the state's settlement for economic damages associated with the 2010 Gulf Coast oil spill.
Commissioner of Administration Jay Dardenne updated state officials Thursday about the payment, which is earmarked to fill state budget gaps.
Louisiana is expected to receive up to $1 billion from BP as compensation for the spill's economic damages, with payments to arrive over 15 years. Lawmakers earmarked the rest of the money for the state's "rainy day" fund and an elderly trust fund.
The economic damages dollars are separate from an estimated $5.8 billion Louisiana is expected to receive in other civil penalties from violations of environmental laws, money that's required to be set aside for coastal restoration projects and environmental rehabilitation.