Louisiana Company Agrees to Pay $43 Million, Hand Over $432 Million Trust Fund for Longest-Running Oil Spill

Transocean's Development Driller III platform drills a relief well at the site of the BP Deepwater Horizon oil well as workers try to stem the flow of the oil spill in the Gulf of Mexico off the coast of Louisiana. Saul Loeb/Getty Images

A Louisiana oil and gas company has agreed to turn over a $432 million trust fund to the United States and pay $43 million to resolve its liability for an oil spill at its former Gulf of Mexico offshore oil production facility, the Department of Justice (DOJ) said Wednesday.

Taylor Energy’s former production facility is the source of the longest-running oil spill in U.S. history, and has been ongoing since 2004, the DOJ said.