NEW ORLEANS – BP says it has picked a charitable foundation in Louisiana to administer a $100 million fund for oil workers struggling because of a federal moratorium on deepwater drilling.
The Rig Worker Assistance Fund will be administered through the Gulf Coast Restoration and Protection Foundation, an affiliate of the Baton Rouge Area Foundation.
BP PLC announced last month that it would set up the fund after the Interior Department declared a six-month moratorium on deepwater drilling in the Gulf of Mexico. The moratorium came after the April 20 explosion of the rig Deepwater Horizon.
Foundation president John Davies says the organization is creating guidelines to manage the program and expects to begin taking applications for grants by Sept. 1.