BP announced it plans to donate the net revenue from oil recovered from the MC252 oil spill to create a new wildlife fund that would create, restore, improve and protect wildlife habitat along the coastline of Louisiana, Mississippi, Alabama and Florida.
The creation of this fund exceeds the company’s obligations under the Oil Pollution Act of 1990.
BP’s net revenue from the sale of oil recovered from skimming operations and the well containment systems is slated to be deposited into this newly-created fund. At this point, BP cannot predict the total of amount of net revenue that will be deposited into the wildlife fund. The amount of funding will be contingent upon the amount of oil collected during operations and the price at which the oil is sold. BP will provide regular updates on the amount of proceeds being deposited into the fund.
“We’ve already launched the largest environmental response in history, and BP is committed to protecting the ecosystems and wildlife on the Gulf Coast. Proceeds from the sale of oil recovered from the MC252 well will be used to further this commitment,” said Tony Hayward, BP’s CEO. “We believe these funds will have a significant positive impact on the environment in this region.”
The creation of the wildlife fund is the latest example of BP’s commitment to help the Gulf Coast states and their residents. On May 24, 2010, BP announced a commitment of up to $500 million for an open research program studying the impact of the Deepwater Horizon incident, and its associated response, on the marine and shoreline environment of the Gulf of Mexico.