On May 6, the National Oceanic and Atmospheric Administration (NOAA) identified nearly $600 million in environmental restoration projects in Alabama, Florida, Louisiana, Mississippi and Texas to help address the damage of the 2010 BP Deepwater Horizon oil spill. While this development represents significant construction investment, it is important to note that these identified projects are not yet at the solicitation phase, but rather still face a period of public comment and environmental review before becoming “street ready.”
On April 20, 2011, BP agreed to provide up to $1 billion to fund early restoration projects in the Gulf of Mexico to begin addressing injuries to natural resources caused by the Deepwater Horizon oil spill. As the first step in this accelerated process, a collection of ten early restoration projects – expected to cost a total of $71 million – have already been identified and project implementation has begun in most cases. The most recently identified $600 million of projects comes in addition to the $71 million previously identified.