NRDA Trustees Announce $1 Billion Agreement to Fund Early Gulf Coast Restoration Projects

*Washington, DC* - Under an unprecedented agreement announced today by
the Natural Resource Trustees for the Deepwater Horizon oil spill
(Trustees), BP has agreed to provide $1 billion toward early restoration
projects in the Gulf of Mexico to address injuries to natural resources
caused by the spill. The Trustees involved are: Alabama, Florida,
Louisiana, Mississippi, Texas, the Department of the Interior (DOI), and
the National Oceanic and Atmospheric Administration (NOAA). The
Department of Justice provided assistance in reaching the agreement.

This early restoration agreement, the largest of its kind ever reached,
represents a first step toward fulfilling BP's obligation to fund the
complete restoration of injured public resources, including the loss of
use of those resources by the people living, working and visiting the
area. The Trustees will use the money to fund projects such as the
rebuilding of coastal marshes, replenishment of damaged beaches,
conservation of sensitive areas for ocean habitat for injured wildlife,
and restoration of barrier islands and wetlands that provide natural
protection from storms.

The agreement in no way affects the ultimate liability of BP or any
other entity for natural resource damages or other liabilities, but
provides an opportunity to help restoration get started sooner. The
selection of early restoration projects will follow a public process,
and will be overseen by the Trustees.

The full natural resource damage assessment process will continue until
the Trustees have determined the full extent of damages caused by the
Deepwater Horizon oil spill. At the end of the damage assessment
process, the Trustees will take into account any benefits that were
realized from these early restoration projects. In addition to funding
early restoration projects, BP will continue to fund the damage
assessment and, together with the other responsible parties, will
ultimately be obligated to compensate the public for the entire injury.
BP is providing the early restoration funds voluntarily, and is not
required to do so at this stage of the damage assessment process. The
agreement will speed needed resources to the Gulf in advance of the
completion of the assessment process.

To read the agreement, click here.
http://www.restorethegulf. gov/sites/default/files/ documents/pdf/framewo rk-for-early-restoration- 04212011.pdf