BP agrees to pay $340 million for restoration projects
LAFITTE - Governor Bobby Jindal announced today that BP agreed to fund approximately $340 million in restoration projects for Louisiana.
It's part of the $1 billion that BP agreed to invest for early restoration of natural resources damaged by the Deepwater Horizon oil spill.
The restoration will include four barrier islands from Terrebonne Parish to the east bank of Plaquemines Parish and two Fish Stock Research and Enhancement Centers.
In 2010, Louisiana was the first state to request that BP make a down payment to immediately begin restoring the damage the spill caused to the Gulf and coastal communities.
In April of 2011, BP finally agreed to the state's request when they agreed to make a down payment of $1 billion for restoration projects across the Gulf.
In July of 2011, Governor Jindal announced the "Louisiana Plan" - an initial list of priority projects that the state would be seeking under the $1 billion down payment. The list was developed with input from parishes, fishermen, coastal families, and other stakeholders.
Before today's announcement, BP had only approved 10 projects representing nearly $70 million of the $1 billion down payment.
This $340 million in funding represents the largest single component of restoration projects across the Gulf that BP has ever approved.
Overall, Louisiana is home to approximately $370 million in projects approved so far through the early restoration process.
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