British energy company BP has reached an agreement with the US state of Louisiana to resolve longstanding disputes linked to the 2010 Deepwater Horizon oil spill, including an accelerated payment of approximately $350 million and the settlement of remaining coastal damage lawsuits.
The agreement, announced on Friday, October 23, 2026, will allow Louisiana to receive the money in a single payment rather than over the next seven years. The state had been scheduled to receive about $373 million during that period under an earlier settlement arrangement.
The deal also covers outstanding coastal damage lawsuits brought by Louisiana parishes against BP. The company did not disclose the financial terms of those legal settlements.
The Deepwater Horizon disaster occurred in April 2010 when an explosion on an offshore drilling rig in the Gulf of Mexico killed 11 workers and triggered a massive oil spill that caused extensive environmental and economic damage along the Gulf Coast.
In 2015, BP agreed to pay up to $18.7 billion to the US federal government and five states to resolve claims arising from the disaster. The agreement included $4.9 billion in payments to states over 18 years to settle economic and other claims.
Louisiana Governor Jeff Landry welcomed the latest agreement, saying the state had resolved claims and reached settlements with all but one of the major defendants involved in the coastal damage litigation.
For BP, the agreement represents another step towards resolving legal liabilities associated with one of the most costly environmental disasters in the history of the US oil industry.
The settlement also gives Louisiana earlier access to funds while helping both parties bring years of legal disputes closer to resolution.
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