The company and stakeholders announced on Thursday that around $1 billion will be granted by the BP for the repair of the deadly explosion at Gulf of Mexico oil spill. BP and Halliburton are blaming each other for the environmental damage. Approximately 5 million barrels of oil overflowed into the Gulf in 2010.

The British oil company has filed a lawsuit on Wednesday against BP and Halliburton.

Some five costal states and federal agencies will rebuilt the coastal marshes and they will also renew the damaged beaches.

Texas and other states will get $100 million; even the Interior Department and the National Oceanic and Atmospheric Administration will also receive $100 million respectively.

However, the remaining $300 million will be distributed by agencies along with projects proposed by the states.

Interior Secretary, Ken Salazar said, “This milestone agreement will allow us to jump-start restoration projects that will bring Gulf Coast marshes, wetlands and wildlife habitat back to health”.

He added that the government will have to advance for the full damage at Gulf.

Meanwhile, Chris Dorsett, the Director of Gulf Restoration for the Ocean Conservancy said that the advance given by BP is an optimistic step, though more money will be required for the repair of the damage.