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Bp Oil Spill
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Cause and solution
There are several factors that caused the explosion that destroyed the Deepwater Horizon drilling rig in the Gulf of Mexico. The event lead to the death of 11 people and was one of the biggest oil leaks in history. According to BP, the accident was caused by failure of different safety systems meant to prevent such kind of accident (Steffy, 2010). The cause of the spill included valve failure, dodgy cement, pressure test misinterpreted, lack of gas alarm, and delay in spotting the leak.
The various documents by the federal investigators showed that one faulty piece of equipment is what allowed the uncontrolled gas and crude to blow out and destroyed the Deepwater Horizon rig; thus, causing the worst oil spill. Based on the causes of the deepwater spills, it is clear that there are some solutions that can be applied so as to help resolve the problem (Steffy, 2010). One thing is that a culture of tight safety and experienced regulators would have helped in preventing the BP Deepwater Horizon leak. There is a need for equipment modifications and new technologies that will help to minimize the risk of such oil leaks. A solution involves pushing the culture of safety that includes establishing new drilling guidelines, tougher inspection regimes, and operator certification requirements (Fairley, 2010). It is necessary that the oil and gas drillers should perform tests and maintenance on their blowout preventer. The blowout prevent equipment that does seal and control the gas and oil wells, and this did fail during the deepwater horizon spill.
From the disaster, BP estimates that it did cost nearly $40 billion. The spill wiped out half of the company’s value, and the company’s share price dropped from 653 pence per share to 303 per share by June (Bryant, 2011). However, the recovery for the company has been steady. BP survived the disaster because it took responsibility for what had happened. After the incident, the goal of BP was to clean up the spill as fast as possible, restore the environment and the economy, and also restore its image. The company has the objective of admitting to the Americans that it was responsible for the explosion and it was held accountable for the crisis (Steffy, 2010). After understanding the impact of the disaster, BP decided to set up a $20 billion fund to cover the costs of the claims by residents who were affected by the spill.
BP also managed to survive the disaster through considering selling some of its assets in places such as Vietnam and Egypt. The strategy that the company used was one that considered shrinking to grow as that enabled the company to survive the disaster (Bryant, 2011). While selling some of its assets so as to ensure proper management, the company also considered some other strategies that would ensure that it improves the ecosystem. BP ensured that it was one of its key responsibilities to take care of the damage that had happened as a result of the oil spill. Therefore, the company ensured that it paid its fines, enhanced security, and also helped to clean up the oil spill that has occurred.
Steffy, L (2010). Shrinking to grow’ BP strategy for survival. From http://www.chron.com/business/steffy/article/Loren-Steffy-Shrinking-to-grow-BP-strategy-1703370.php
Bryant, B (2011). Deepwater Horizon and the Gulf oil spill. The Guardian From https://www.theguardian.com/environment/2011/apr/20/deepwater-horizon-key-questions-answered
Fairley, P (2010). How to prevent deepwater spills. MIT technology review. From https://www.technologyreview.com/s/419328/how-to-prevent-deepwater-spills/
Sherry Roberts is the author of this paper. A senior editor at Melda Research in custom nursing papers if you need a similar paper you can place your order for a custom research paper from custom written research paper.
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