Risk Management Failures of British Petroleum - 2022 Words

BP is a British global energy company which is the third largest energy company and the fourth largest company in the world. As a multinational oil company, BP is the UK s largest corporation, with its headquarters in St James s, City of Westminster, London. BP America s headquarters is in the One Westlake Park in the Energy Corridor area of Houston, Texas; the company is among the largest private sector energy corporations in the world, and one of the six leaders. In order to project social responsibility and improve its image British Petroleum changed its name into BP in year 2000 with a logo of green and yellow sunflower patterns. Paradoxically the same company symbol is now under derision and the object of controversial attacks†¦show more content†¦On 16 October 2007 Alaska Department of Environmental Conservation officials reported a toxic spill of methanol (methyl alcohol) at the Prudhoe Bay oil field managed by BP PLC. Nearly 2,000 gallons of mostly methanol, mixed with some crude oil and water, spilled onto a frozen tundra pond as well as a gravel pad from a pipeline. Methanol, which is poisonous to plants and animals, is used to clear ice from the insides of the Arctic-based pipelines. From January 2006 to January 2008, three workers were killed at the company s Texas City, Texas refinery in three separate accidents. In July 2006 a worker was crushed between a pipe stack and mechanical lift, in June 2007, a worker was electrocuted, and in January 2008, a worker was killed by a 500-pound piece of metal that came loose under high pressure and hit him. On April 1 2009, a Bond Offshore Helicopters Eurocopter AS332 Super Puma ferrying workers from BP s platform in the Miller oilfield in the North Sea off Scotland crashed in good weather killing all 16 on board. On April 20, 2010, a semi-submersible exploratory offshore drilling rig in the Gulf of Mexico exploded after a blowout and sank two days later, killing eleven people and causing a massive oil spill threatening the coast of Louisiana, Mississippi, Alabama, Texas, and Florida. The rig is owned and operated by Transocean Ltd on behalf of BP, which is the majority owner of the oil field. The company originally estimated the size of the leakShow MoreRelatedRisk Management Is Important Within An Organization Essay1430 Words   |  6 PagesRisk management is an effort to take the risk associated with a company and finding ways to minimize it from causing significant and unexpected harm on the business. In April 2010, a British Petroleum and Transocean Deepwater Horizon oil rig exploded resulting in one of history’s largest spills in the Gulf of Mexico. This spill was so devastating that it took almost four years and billions of dollars to clean up. The environmental damage cannot ev en be fully determined and the economic damage hasRead MoreThe Critical Success Factor Of British Petroleum1562 Words   |  7 Pagesas well as the operational business reputation of a corporation is critical to the survivability of the corporation in today’s business world. Today we will put our focus on one of UK’s largest multinational oils company’s. In the case with British Petroleum (BP) as it actively explores oil in 26 countries around the world, due to BP’s lack of focus on the safety issues presented in the 2004 Telos Group report coupled with the oversight and control to correct safety hazards, the Texas plant experiencedRead MoreIs Hydrogen A Colorless And Odorless Gas?1168 Words   |  5 Pagesitems to name a few. Hydrogen is most commonly found in water on earth. 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In general, a ris k is always seen negative, however, by assessing thoroughly and identify risk in the risk register can help identify the opportunities that could impact the project. The risk register will be updated andRead MorePetroleum And Natural Gas Exploration Essay1701 Words   |  7 Pages Executive Summary April 20, 2010 was the beginning of the end for British Petroleum. BP was started in 1901 by William Knox D’Arcy. Their mission is to operate oil and natural gas exploration, while marketing and distributing all over the globe. The primary issues the company faces are rebuilding their business after the tragic oil spill, their low oil prices and internal leadership promotions. 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Operations management is not about limited functions within a company, but rather, it is about expanding its activities in numerous other areas and sectors (e.g. company-wide) in order to meet the needs of the company, customers, shareholders and stakeholders. This case studyRead MoreThe Bp Deepwater Horizon Disaster1006 Words   |  5 PagesDisaster On April 20, 2010, the British Petroleum (BP) leased Deepwater Horizon drilling rig took an unexpected kick of gas pressure from an oil well in the Gulf of Mexico. The release ignited, and through the failure of the blowout preventers progressed into a firestorm. The fire consumed the drilling rig platform, sinking it, causing 11 casualties, and the subsequent release of 4.9 million barrels of oil into in the gulf before the release contained (British Petroleum). The incident is significant