Louisiana coastal projects to get $129M in oil lease revenue
More than $129 million in federal money from Gulf of Mexico oil leases is coming back to Terrebonne and Lafourche parishes for major coastal projects in the next few years.
Gov. John Bel Edwards and the state Coastal Restoration and Protection Authority this week announced more than $300 million in statewide Gulf of Mexico Energy Security Act spending from 2020 to 2022.
“In the next 12 months alone, over $120 million in GOMESA revenues will be expended to help protect over 2 million Louisianians who live and work along our coast. These investments represent a proactive mindset by the state of Louisiana and CPRA, allowing us to better defend against a hurricane or natural disaster and showing the citizens of our state we cannot and will not wait on someone else to provide us the protection we deserve,” Edwards said.
GOMESA member states — Louisiana, Alabama, Mississippi and Texas — receive 37.5 percent of federal oil revenues from drilling. That money is put toward coastal restoration and hurricane protection projects.
In the first payment last year, Louisiana received $82 million, about half of what was expected.
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