A Louisiana-based oil company will pay $43 million in civil penalties and damages and $432 million to a clean-up trust fund over a spill in the Gulf of Mexico, the Justice Department announced Wednesday.
Why it matters: Taylor Energy’s former Gulf of Mexico offshore oil production facility is the source of the longest-running oil spill in U.S. history, ongoing since 2004, per a Department of Justice statement.
Details: Under the settlement agreement that’s subject to final court approval, Taylor must dismiss three existing lawsuits it filed against the federal government. But it does not admit any liability.
The big picture: Ivan triggered a mudslide, causing the Taylor production platform to collapse, with 16 of the 25 damaged undersea wells leaking since then, per the New York Times.
What they’re saying: “Despite being a catalyst for beneficial environmental technological innovation, the damage to our ecosystem caused by this 17-year-old oil spill is unacceptable,” said Duane Evans, U.S. attorney for the Eastern District of Louisiana.
For the record: Taylor “sold its oil and gas assets in 2008 and ceased all drilling and production operations,” according to a website statement. It now exists today solely to respond to the spill.
The other side: Taylor couldn’t immediately be reached for comment.
Source: www.axios.com
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