Dear Ceo And Board Of Trustees Essay

In 2010, BP’s Deepwater Horizon rig exploded, causing millions of barrels of crude oil to be leaked out into the Gulf of Mexico. The extensive oil spill created a lot of pollution and far-reaching effects on the tourism industry. The resultant damage to marine wildlife such as fish will continue to be felt for many years to come. Weeks after the event, and while it was still in progress, the Deep Water Horizon oil spill was being discussed as a disaster that will impact global economies, markets, and mining policies. The potential consequences included structural shifts in energy policy, insurance marketplaces and risk assessment, and financial liabilities to be incurred by BP. The law that affected the operation of BP’s business was the Clean Water Act, which regulates the discharge of pollutants in US’s waters (EPA, 2008). Following the oil spill, regulations have been put in place to regulate oil drilling operations. The Obama administration proposed new regulations on offshore oil and gas drilling. The regulation focused on oil and gas drilling companies to use stronger blowout Preventers that have the capability to close an offshore well in case a drilling breach occurred accidentally.

On April 20, 2010 there was an explosion in a drilling rig that was operated and owned by Transocean. The drilling rig’s official name was “Deepwater Horizon Mobile Offshore Drilling Unit” and was in the process of drilling oil in the Macondo Propect oil field, located 40 miles off the Louisiana southeast coast. The cause was reported as a “Wellhead blowout” which cause the rig to explode, dumping more than 200 gallons of oil into the Gulf of Mexico and resulting in 11 casualties.

The Deepwater Horizon Oil Spill occurred on April 20, 2010 in the Gulf of Mexico. This oil spill was the largest spill in history in front of the Exxon Valdez oil spill of 1989. This oil spill released about 4.9 million barrels of oil into the ocean. This spill not only wreck havoc on the marine life but also the economic players that depended on ocean such as fisherman, tourism, and offshore drilling located along the gulf coast. Along will the spill the oil rig which was named Deepwater Horizon also went up in flames. This proved that the issue went far beyond just an oil rig that blew a line. Since this oil spill had drastic impacts all along the coast, BP which was the most liable for this incident faced criminal charges based on what happened. BP which knew the risks of deep ocean drilling failed to take the necessary safety procedures to reduce the risks of such incident occurring, thus was the reasoning behind placing most of the fault on them and not the other companies. The lack of regulatory oversight led to the issues and cost-cutting procedures opened the rig up to possible malfunctions like the one that occurred. During the spill into the gulf, BP sealed the well with cement which seemed to stop a majority of the oil from escaping the well. BP also recognized that the well was “dead” which was proven wrong when scientists still could conclude was leaking minor amounts of oil into the ocean. This spill not only proved to be harmful to the environment but also

The BP Gulf of Mexico oil spill tells the tragic story of what happened on the Deepwater Horizon drilling rig back in April 2010. The rig, leased from another vendor, was digging a well on the Macondo slope in the Gulf when it exploded and fatally killed eleven employees and injured seventeen others (Crandall, Parnell, & Spillan, 2014). Not to mention, five million barrels of oil spilled into the sea causing an environmental issue that lasted more than ninety days.

On April 20, 2010 the British Petroleum Deep Water Horizon (DWH) drilling rig exploded and subsequently sank in the waters of Gulf of Mexico. The result was the largest leakage of crude in the United States to date (Middlebrook et al.,

On the Deepwater Horizon oil rig the largest marine oil spill occurred all caused by an explosion. The oil spill caused a “Colossal” damage to its surrounding environment. Spreading to the coasts of many states in the Gulf of Mexico, such as Louisiana, Mississippi, Alabama, and part of Florida's. The people living in these coast are stakeholders of the Deepwater Horizon oil spill. Said it is “The oil well over which it was positioned was located on the seabed 4,993 feet below the surface and extended approximately 18,000 feet into the rock,” (Pallardy, 2016). Still collapsed erupting into and

Within hours of the Deepwater Horizon accident, BP teams were working to stop the leak. We also acted to minimize the spill’s impact on the environment by containing, removing and dispersing oil offshore, protecting the shoreline and cleaning up oil that came ashore. And we worked with wildlife groups to develop rescue and rehabilitation programmes for turtles, birds and other species. www.bp.com/ gulfofmexico/inpictures

The e Deepwater Horizon oil spill at the Macondo well began on April 20, 2010, in the Gulf of Mexico on the BP-operated Macondo Prospect. An explosion on the Deepwater Horizon drilling rig on 20 April 2010 killed 11 people and caused almost 5 million barrels of oil to flow into the Gulf of Mexico. The spill covered 68,000 square miles of land and sea and triggered a response effort involving the use of nearly 2 million gallons of dispersant chemicals (Pallardy). Considered the largest accidental marine oil spill in history, the Deepwater Horizon oil spill (DHOS) resulted in widespread environmental and economic damage, the exact nature of which is only beginning to be understood (Shultz 59). This paper will address the causes of this unmitigated ecological disaster and discuss steps that need to be taken to prevent a similar disaster from occurring again.

On April 20, 2010, the Deepwater Horizon oil rig, located in the Gulf of Mexico exploded killing 11 workers and injuring 17. The oil rig sank a day-and-a-half later. The spill was referred to as the Deepwater Horizon oil spill, BP oil spill, Gulf of Mexico oil spill, and BP oil disaster. It was first said that little oil had actually leaked into the ocean but a little over a month later the estimate was 12,000-19,000 barrels of crude oil being leaked per day. Many attempts were made to stop the leak but all failed until they capped the leak on July 15, 2010, and on September 19 the federal government declared the well “effectively dead.” In the three months that it took to finally put a stop the leak, 4.9 million barrels of oil were

The Deepwater Horizon oil spill or the BP oil spill refers to the oil spill in the Gulf of Mexico which flowed for three months in 2010. The spill was a result of the explosion of Deepwater Horizon, which drilled on the BP-operated Macondo Prospect. The explosion killed 11 men working on the platform and injured 17 others (Summarized from Wikipedia article on: “Deepwater Horizon oil spill” http://en.wikipedia.org/wiki/Deepwater_Horizon_oil_spill )

Recently, oil spill management has become a serious concern and subsequently, it has become a big issue as it takes a large, specifically trained team effort to solve the devastating problem. It also requires consistent efforts of the workforce. The Oil Spill in the Gulf of Mexico was perhaps another major contributing factor to highlighting the need for Oil Spill Management to be addressed. The director of the US Bureau of Ocean Energy Management Regulation and Enforcement, Michael Bromwich stated that this oil spill proved that oil and gas organizations were not prepared to deal with oil spills. (Merolli, 2010).

The BP Oil Spill An Introductory Background - One of the most controversial ecological disasters in recent history focused on multinational British Petroleum and their Gulf of Mexico Operations. The Deepwater Oil Disaster began on April 20, 2010 with an explosion on the Deepwater Horizon Oil platform, killing 11, injuring 17. It was not until July 15th, however, that the leak was stopped by capping the wellhead, after releasing almost 5 million barrels (206 million gallons) of crude oil, or 53,000 barrels per day into the Gulf of Mexico. It was not until September 19th that the relief well process was complete and the U.S. Government, EPA, and Coast Guard agencies declared the well breach effectively stopped (Cavnar, 2010).

The oil spill undermines the reputation and market position of British Petroleum, thus its stock prices decline dramatically. Even though BP took measures for resolving these problems, its way was not beneficial enough and therefore, it still requires more advantageous resolutions.

It is significant to note that BP made a total loss of $3,324 million after deducting the cost incurred in that year from the total sales and operating revenues. The loss is largely attributed to the infamous Gulf of Mexico Oil Spill on the 20 April 2010. The incident was triggered by a well blowout in the Gulf of Mexico, which ultimately led to an extensive oil spill. BP, however, responded quickly by funding the oil spill cleanup and setting up the Gulf Coast Restoration Organization (GCRO) that specializes in carrying oil spill cleanup operations, investigations and public reporting (BP p.l.c. 2012c). In the aftermath, BP has suffered considerably in financial performance. Figure 2.1 shows BP’s share price performance through the period of

Deepwater Horizon oil Spill: BP’s drilling platform in the Gulf of Mexico had an explosion in April 2010, causing the “largest oil spill catastrophe in the petroleum industry history”. It caused the death of 11 men and injury to several others. “More than 150,000 barrels of crude oil gushed into the sea, every day, for almost 5 months and up to 68,000 square miles of the Gulf 's surface were covered” (1).