BATON ROUGE — Gov. Jeff Landry met with the Coastal Protection and Restoration Authority Governor's Advisory Council on Thursday, where he said the state was "words away" from settling ongoing litigation with oil and natural gas company ConocoPhillips, an agreement he says will help Louisiana unlock "billions of dollars in coastal investments."

Landry said that the agreement will also give the state access to 150,000 strategic acres held by Conoco's subsidies where the state will implement coastal restoration and preservation projects. The settlement will allow hundreds of jobs to be created, Landry added. 

According to The Advocate, the state revenue service alleged the company owed Louisiana hundreds of millions of dollars in back taxes, penalties and interest from more than a decade ago.

Part of the settlement says that Conoco must pay into the state's coastal trust fund, which Landry says will allow both parties to "move our energy industry forward together."

“Louisiana’s energy industry is already the largest private investor in restoring our state’s coastline. These lawsuits are a short-sighted strategy that create long-term conflict between our state and Louisiana’s energy communities," Louisiana Mid-Continent Oil and Gas Association President Tommy Faucheux said.

Landry added that Louisiana has more projects in active progress along the coast than at any time in the state's history.

"That is a promise made to the people of this state and a promise we are keeping," Landry said, saying that he wants to deliver real outcomes to people who live along the coast.

Watch the announcement here: