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. Under a proposed settlement agreement that is subject to final court approval, Taylor Energy will transfer a $432 million trust fund to the Department of the Interior’s Bureau of Ocean and Energy Management (BOEM). The trust fund is dedicated to “plugging the subsea oil wells, permanently decommissioning the facility, and remediating contaminated soil,” the department said. The company will also pay a further $43 million—all of its available remaining assets—for civil penalties, removal costs, and natural resource damages (NRD). Of the $43 million, $15 …