Taylor Energy Co. (TEC) agreed to settle litigation and pay $475M to the federal government over a 17-year crude oil leak from its Hurricane Ivan-destroyed production platform 20 miles from the mouth of the Mississippi River in the Gulf of Mexico (GoM). The crude oil leak is the longest in American history. The proposed consent decree filed Dec. 22 with the U.S. District Court in New Orleans, TEC will transfer a $432.5M million trust fund to the Department of Interior to set up payments for capping and plugging the 28 wells, decommissioning what's left of the platform, and cleaning up soil contaminated by the leak. TEC also agreed to pay $43M+ in civil penalties, federal costs for removing the platform and wells, and expenses for restoring or replacing natural resources contaminated by oil. Louisiana is a co-trustee with the U.S. government in overseeing the money. (Source: NOLA.com 12/22/21) Taylor Energy OK's $475 million settlement for longest oil leak in U.S. history | Environment | nola.com
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