There’s little more than a symbolic victory for a New Orleans-area levee authority in its settlement with two energy companies over coastal erosion The deal, which was announced Thursday without details, will provide $50,000 toward restoration efforts, a barely perceptible sum compared to the billions the Southeast Louisiana Flood Protection Authority — East is seeking in the on-going lawsuit against almost 100 oil and gas companies.
The full details of the settlement with White Oak Operating Co. and Chroma Operating, which was announced Thursday, have not yet been released. But attorneys for the flood protection authority have confirmed the amount involved in the settlement.
No one expected huge sums to be involved. The two companies are relatively small players in the suit, which accuses energy companies of causing massive damage to coastal wetlands through decades of drilling and dredging. The two firms were responsible for operating the same three wells for three years each.
The suit itself lists hundreds of permits for wells and dredging as part of its case against almost 100 oil and gas companies, including some of the largest players in the market such as Shell, Exxon and BP.
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