Essays on Oil Rig

Abstract

The current discussion is aimed at the dissection of ethics, corporate social responsibility and sustainability of British Petroleum (BP) by taking the case of Gulf of Mexico Oil Spill in to consideration. By commencing the discussion with an overview of the externalities present in the oil industry, the pressures on oil companies are examined which is further evaluated through the application of stakeholder theory and the theory of utilitarianism. In the case of BP, it is revealed that the resort to CSR was primarily a reactive measure to correct its tainted brand image and save it from reputational risks. ...

The Deepwater Horizon Oil Spill occurred in the location of Gulf of Mexico on April 20th of 2010 due to an explosion which took place on the Deep Water Horizon oil rig. Transocean, the operator and owner of the oil rig, is an offshore-oil-drilling company. However, it had been leased by BP Oil Company. A natural gas caused the blasting which caused a wellhead blowout. The blowout resulted in the worst marine oil spill in the history. Despite attempts to put a temporary seal to prevent the further oil spill, the equipment malfunctioned. The oil the contamination extended spill ...

The Gulf of Mexico experienced a huge explosion on April 20, 2010, that caused the sinking of the Deepwater Horizon oil rig killing eleven people in Transocean, an offshore oil-drilling company owned Deepwater Horizon Oil rig leased by BP (The Ocean Portal Team, 2015). The accident posed numerous environmental threats that affected marine life, businesses, and posed risks to human health.

BP’s response towards stakeholder’s concerns

Stakeholders in the oil drilling company raised many issues concerning the issue whereby BP responded positively towards these issues and concerns. Many factors led to the conclusion that BP management was much concerned about the accident. First, BP ...

I. Background The Explorer IV rig is one of three oil exploration facilities owned and operated by a large U.S. drilling company (Ciulla 221). The rig's structure and design is marked by notable segregation between U.S. expats and local Angolan workers as evidenced in galley size, dormitory privacy and, not least, hierarchical arrangement (by assigning expats to higher levels and local workers to lower ones) (Ciulla 221). Logistically and medically, U.S. expats and local Angolan workers receive different attention: where U.S. expats are moved by helicopter and are rushed to a British R.N. medical service, local Angolan workers spend ...

A multinational oil company is faced with the dilemma of either investing in a new oil rig which is currently open for bidding, or refurbishing its existing oil rigs. For the company to make the right decision, it must first start by computing the Expected Value of each of the available options. According to Hardman (2013, pg. 56), the Expected Value of a given variable is defined as the weighted-probability average of its possible outcomes. This definition implies that the Expected Value of a variable is the total product of the variable and the given probability of a specified outcome taking place at a ...

Abstract

This paper surveys the different types of risks that workers and employees usually face within a given work setting. There are many hazards and dangers that employees in different types of industries encounter, particularly individuals in the manufacturing, construction and mining industries. All other known industries also have considerable risks facing their workers. This paper analyzes the case study of the Deep Water Horizon Oil Spill that occurred in 2010, as it relates to the risks that different British Petroleum (BP) workers faced during the oil spill.

Workplace Risk Analysis

Workplace Risks: The term Workplace Risk refers to the various types of hazards ...

Abstract

The paper below is a project management plan for the construction of an oil rig design in the United States expected to produce oil from pre-drilled wells. The project will be carried out in three phases that is the Initial phase, Planning phase and the execution phase. Perceived as an opportunity to the government, the paper outlines the cost of the project, objectives and the benefits the oil rig design will bring to the stakeholders, direct and indirect users. Key words: Acidizing, Gun-Perforating ,Oil Rig design, Rotary tools, Rigs

Oil Rig Project

Project Definition Describe the Scope of the project? ...

Project Definition

Describe the Scope of the project? The project will entail the construction of an Oil Rig design that will produce oil from pre –drilled wells. It will be installed at a water depth of about 180 meters. The production oil capacity is estimated to be 185 barrels per day. The project has a budget of $350 million US dollars and should be completed within a period of three years.

Explain the need and desire for the Project?

The project aims to enable the country capture a huge part of the oil exporter market in the region. The project also aims to provide more employment opportunities for the fresh graduates of ...

The Deepwater Horizon oil spill is known as the largest oil spill in history. On April 20, 2010, the explosion of the oil rig killed 11 people working on it and resulted in underwater cameras revealing the British Petroleum pipe leaking of over 4.9 million barrels of crude oil into the Gulf of Mexico. A long distance from the coastal line (approximately 42 miles from Louisiana) and the marine nature of the spill resulted in its longevity – the well was capped in only 87 days after the accident ("Oil Spill Gulf of Mexico 2010."). The scope of the spill ...

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Identity and Space in the Wild West

America is a frontier country, it is part of our identity. As soon as settlers reached the New World they starting heading west in search of opportunities, adventure and resources. However, these people were cowboys, gold prospectors and other rugged individuals that tall tales were made of. The vast majority of Americans stayed safely home in their towns and cities and only ventured west when the foundations were laid and the trains ran on time. As a result, the narrative defining wilderness and the west was largely constructed using mythology and fantasy. This construct was also malleable, it could be ...

Abstract

The Piper Alpha disaster is well known for it resulted in the highest number of casualties who lost their lives in the history of off shore oil and gas rigging. This paper reviews literature on the Piper Alpha disaster presenting an overview of the circumstances that led to the occurrence of the tragedy. Further, it examines the role that different parties played with regard to their contributions to the situation. Subsequently, an analysis of the course of action taken with regard to the management of the disaster as it happened and in its aftermath is as well evaluated. The ...

Introduction3

Statistics.3 Offshore oil drilling4 Effects on the environment.7 Recommended solutions10 Conclusion.13

Works Cited14

Abstract Today, the United States has over 5600 offshore gas and oil platforms; there are also over 27,000 miles of pipeline in the Gulf of Mexico area alone. This shows the extent to which offshore oil drilling occurs in the United States. In other developed parts of the world, the situation is the same. Oil is a product on high demand; this facilitates efforts in extracting it form its deposits deep in the sea floor. The retrieval requires the use of sophisticated equipment ...

Its Impact on the Financial Position and Performance of Australian Companies

Abstract Lease Accounting is an area which currently has different practices proposed in IFRS and US GAAP. Even lease accounting practices are not interpreted in the same way by different companies within IFRS. This causes confusion for the investors as due to different interpretation by different companies leases are accounted for differently in the annual report and accounting books. This causes problem for regulators, government and investors to judge and rate companies uniformly. As an effort to consolidate and bridge the current gaps, IFRS and US GAAP have come up with Exposure Draft –ED 202. There are some ...

A Case Study of the British Petroleum (BP) Oil Spill in the Gulf of Mexico

Abstract British Pteroleum’s Deepwater Horizon disaster was the worst oil spill in American history. Such was the magnitude of this disaster that its repercussions were felt throughout the global oil industry. In the aftermath of the spill, investigations were conducted into the incident to identify the causes that led to the spill, the reasons behind the poor response to the disaster, as well as to formulate ways in which safety standards could be improved so as to prevent similar disasters from taking place in the future. This study reviewed extensive literature pertaining to the prevalent Health, Safety ...

“Since the effect of frustration is to kill the contract and discharge the parties from further liability under it, the doctrine is not to be lightly invoked, must be kept within very narrow limits and ought not to be extended,” Bingham LJ, Lauritzen. The obiter by the Lord Justice informs the subject of this paper’s discussion. The paper seeks to examine the spirit and the letter of the law in the application of the doctrine of frustration of contract. The paper assumes a legal character that would include consideration of common law approach, statutes and case laws. In addition, ...

CHAPTER FIVE

5.0 RECOMMENDATIONS AND CONCLUSION The Deepwater Horizon rig is the property of Transocean who contracted British Petroleum to drill the Macondo exploration well. On the 20th of April 2010, the rig sank and a blow out occurred at the Macondo exploration well which led to the death of 11 people and left several others critically injured. The investigations into the cause of the blow out pointed to technical failures coupled with human error on the part of the rig personnel and the management at British Petroleum. Following the blow out, it was and still is imperative to take precaution ...

Abstract

The oil and gas industry is a risky business which has witnessed its fair share of accidents in the recent times with the North Sea Alpha Piper Accident which occurred in 1988 being one of the worst accidents. Human error has been recognized as one of the main contributing factors that have led to accidents in the oil and gas industry. The blow out at the Macondo oil rig was the result of the interaction of technical conditions and human failures/ errors. In fact, statistics indicate that about 83.70% of all offshore accidents occur as a result of human error. Accidents ...

1.0 Introduction The explosion of British Petroleum’s (BP’s) Macondo well in the deep waters of the Gulf of Mexico on the 20th of April the year 2010 is by far the largest accidental oil spill ever to be experienced in the universe. The fact that the oil spill occurred in a record period of three months demonstrates the magnitude of the spill. In fact, empirical evidence has ascertained that the oil spill as a result of the explosion far exceeds the one that was experienced as result of the combined effects of the Ixtoc blow out of the ...