New Numbers from BP

New Numbers from BP
News
Friday, November 19, 2010 - 3:52pm

HOUSTON, TX (BP) - BP commitment to Louisiana tops $1.45 billion
As part of its ongoing commitment to the communities impacted by the spill, BP has released updated figures on its payments and investments in Louisiana. Through November 17, BP has invested more than $1.45 billion in the state to pay for grants, claims and recovery costs from the oil spill.

BP’s response to this incident is unprecedented in terms of funds and resources. This summer, BP had more than 48,000 people working across the Gulf on Deepwater Horizon response. The company will maintain a presence in Louisiana and throughout the Gulf until the job is done.

Of the $1.45 billion BP has paid so far in the state of Louisiana, about $828 million has gone directly to business and individual through the claims process. The next largest amount -- almost $269 million -- has gone to those working in the Vessels of Opportunity Program. That program put fisherman and captains to work over the summer helping with oil recovery.

In addition, on November 1, BP announced plans to invest $48 million for seafood safety and testing efforts, $30 million to help Louisiana’s tourism industry and $140 million for sand berm and barrier island restoration work.

Seafood Safety & Testing Funding
Out of the $48 million total investment in seafood safety and testing, $18 million will be provided over a three year period – $6 million a year – for seafood testing of oil, dispersants and other spill-related impacts on seafood.

Another $30 million is being provided over a three-year period – $10 million a year – to the Louisiana Wildlife and Fisheries Foundation for the marketing of Louisiana gulf seafood. The Seafood Promotion and Marketing Board will manage this funding.

Tourism Funding
Under the tourism funding agreement with BP, $30 million will be provided to the Louisiana Department of Culture, Recreation and Tourism over three years – for $10 million a year – to support the marketing of Louisiana as a tourist destination.

The $30 million will be invested in:

•A Louisiana Campaign (including nature based tourism) $10.5 million
•A Coastal Tourism Response $6 million
•Greater New Orleans Response $6 million
•Tourism Events $7.5 million
Sand berm and barrier island restoration work
Of the $140 million for sand berm and barrier island restoration work, $100 million of the remaining sand berm funding will be used to convert the sand berms into Louisiana’s historic barrier islands that have eroded. The other $40 million in remaining berm funds will be dedicated to berm construction, stabilization, environmental support and other compliance costs associated with the berm work.

Comments News Comments

Post new Comment