FOR IMMEDIATE RELEASE
July 2, 2015
GOVERNOR'S OFFICE CONTACT:
Nicole Webb: nicole.webb@governor.ms.gov (601-576-2802)
Knox Graham: knox.graham@governor.ms.gov (601-576-2811)
ATTORNEY GENERAL'S OFFICE CONTACT:
Rachel Ring: rring@ago.state.ms.us (601-359-3279)
Mississippi Reaches Landmark Agreement in BP Oil Spill Disaster Case
BILOXI—Gov. Phil Bryant and Attorney General Jim Hood announced today in
Biloxi that Mississippi has reached an agreement in principle with BP to
settle claims related to the 2010 Deepwater Horizon disaster. The
settlement will bring approximately $1.5 billion in additional relief to
Mississippi over the next 17 years. Combined with $659 million in early
funding, Mississippi is receiving a total of nearly $2.2 billion in
compensation.
The Deepwater Horizon Macondo oil well drilling platform exploded on April
20, 2010. Eleven men, including four Mississippians, were killed.
"Mississippi suffered tragic losses as a result of the BP oil spill. Eleven
men died, including four Mississippians." Gov. Phil Bryant said. "For
months, we battled to protect our shorelines and the unique ecosystems and
natural resources of our beautiful Gulf Coast from millions of gallons of
oil and chemicals.
"And for years, we have worked diligently to pursue all legal recourse and
rightful compensation resulting from this disaster. Today is a victory for
Mississippi and a victory for a treasured way of life on the Gulf Coast,"
Gov. Bryant continued.
Under the $1.5 billion agreement in principle with BP, Mississippi will
receive approximately $183 million in Natural Resource Damage Assessment
payments and approximately $582 million in Clean Water Act penalties under
the RESTORE Act. Mississippi will also receive $750 million in economic
damages.
Attorney General Jim Hood stated, "Our office recovered about seven times
more than the initial projections for economic damages. We worked well with
other states and all of the cities and counties on our Coast to build an
outstanding economic damages model."
Breakdown of New Agreement in Principle
The $1.5 billion agreement in principle includes:
Approximately $183 million in Natural Resource Damage Assessment
payments, to be paid over 15 years, which will be used primarily for
environmental restoration;
approximately $582 million in Clean Water Act penalties under the
RESTORE Act. These funds will be paid over 15 years and used
primarily for environmental projects, research and economic
development;
$750 million in economic damages paid over 17 years as a result of
Mississippi's own lawsuit against BP. Mississippi is scheduled to
receive a payment of $150 million in 2016 and equal yearly payments
of $40 million from 2019-2033. The funds will be available for
appropriation by the Mississippi Legislature.
Breakdown of $659 Million in Early Funding
$112.557 million in Natural Resource Damage Assessment Early
Restoration payments;
$106 million in early RESTORE Act payments;
$356 million in National Fish and Wildlife Foundation payments;
$85.168 in initial response payments.
TOTAL RESTORATION FUNDS TO THE STATE OF MISSISSIPPI: $2.174 billion.
The agreement in principle with BP also provides up to $1 billion to settle
claims in the five Gulf States between BP and local governments and other
public entities. Settlement amounts for individual governments and public
entities, including those in Mississippi, have not yet been determined.
Discussions are ongoing, and an announcement is expected on or about July
12.
"We remain committed to ensuring that our coast counties and cities are
included in any settlement and treated fairly," added Attorney General Jim
Hood. "I am pleased to say we are upholding our promise." Hood continued,
"The size and scope of this settlement is the result of a successful
partnership of all the gulf states and our state agencies. Together, we
held BP accountable for the damage it caused."
"We have made significant progress since the BP disaster," Gov. Bryant
said. "Today's announcement ensures that long lasting recovery will
continue."
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Knox Graham
Deputy Communications Director
Office of Governor Phil Bryant
(601) 576-2811
knox.graham@governor.ms.gov
www.governorbryant.com
