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The advantages and pitfalls of risk management
The advantages and pitfalls of risk management
Merits and demerits of risk management
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Back ground:- April 20, 2010, a tragic disaster struck the Gulf Coast. British Petroleum deepwater Horizon oil rig cracked from three places and raw oil leaking into the sea. .it was considered that over 60,000 barrels of oil a day are mixing with Gulf water and Oil spread over 70 miles to 130 miles into the sea and can be seen from space. Ethical issue:- Ethical issues in this case are the impact on tourism industry of Gulf of Mexico and its beaches, unemployment around area because of closure of business, wildlife and the environment destruction and concerned with human health and post incident trauma. It has been almost year but world is still recovering from the devastation of disastrous oil spill. It destroyed the environment and wildlife all over the place and its total impact is still unknown. Environmental impacts may be noticeable for years to come. Because of BP oil spill all business around coastal beaches suffers a lot which are only depend on tourism and fishing. This destruction not only cause health problem, but also be responsible for millions of dollars in lost revenue. Stakeholder:- People organization or groups that have a direct or indirect interest in a one particular organization or surrounding are called stakeholders. Affected Stakeholder:- * BP Oil Company * Government * Local Business * Employees * Wild life * Environment * Shareholder of BP All the above stakeholders impacted by oil spill but differently unfortunately, the oil spilled into the ocean and killing all the fish and wash off the coast spread through rivers, affecting the fishermen and BP company affected by because they need to clean all this was to be able to cover the costs, and bad publicity the oil spill has affected governments w... ... middle of paper ... ...t Feinberg try to reflect on matter. CONCLUSION At the end I come to conclusion that BP was not properly prepared for any disaster like that there risk assessment related to project is very limited and even not considered seriously about it for their own progress and putting live of public and employees in danger by not following the standard SOP of particular project. Even after incident happened they try to close their eyes on reality. The company should take this incident as alarm and should implement proper risk assessment for future and also compensate damages on ethical ground and if they counter this situation in good way their loss of bad reputation will be lesser as it predicted to be they should considered their responsibility towards society as well by doing this they not only making other people lives better but also earning good will to their company.
The BP oil spill began with the explosion of the mobile offshore drilling unit known as the Deepwater Horizon, then operating in the Macondo Prospect Oil Field some 60 kilometers off the coast of the U.S. state of Louisiana, on April 29, 2010. The leak was capped on July 15, 2010, with a repair to the underwater wellhead ruptured by the Deepwater Horizon explosion. Thus, the BP oil spill lasted for about three months. During this time, roughly 5 million barrels of crude oil leaked from the wellhead into the Gulf of Mexico. The flow rate was not uniform, beginning...
Smith Jr., Lawrence C., L. Murphy Smith, and Paul A. Ashcroft. "Analysis Of Environmental And Economic Damages From British Petroleum's Deepwater Horizon Oil Spill." Albany Law Review 74.1 (2011): 563-585.Academic Search Complete. Web. 17 Feb. 2014.
In 2010, there was a huge oil spill near the Gulf of Mexico that we now know as the BP Oil Spill today. The Spill sent about 170 million barrels of crude oil into the Gulf of Mexico. The spill killed 11 men aboard the deep-water Horizon. The BP Oil Spill impacted the environment very negatively. There were different types of environmental impact as a result of the Oil Spill, but the two that grabbed my attention the most are the Polluted Air and the Contaminated Food Chain. The first impact that grabbed my attention was the Polluted Air. Because of the Oil Spill, the air around the surroundings neighborhoods was polluted. All the lightest chemicals in the oil that had spill evaporated within hours of the incidence forming air pollution particles. These particles that are in the air poses significant threats to the human health from being inhaled. The chemical found in the particles that was formed is known as Volatile, which has been known to cause respiratory irritation and central nervous system depression (Solomon & Janssen, 2010). The second impact that grabbed my attention was the contamination of the food chain, specifically the food chain of sea animals that lives near the Gulf of Mexico. Scientists found traces of oil in zooplanktons; this could only mean that the sea creature has had contact with the spilled oil. According to the Staff at Houston Business Journal (2012), “Baby fish and shrimp feed on the tiny, drifting zooplankton, and then introduce contamination and pollution to the larger sea creatures in the food web.” With these findings, it isn’t going to take long before the baby fishes become grown and caught by fishermen and before we know it, it’s on our dinner plate. And here we are eating fishes w...
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
British Petroleum (“BP”) is the company that is being blamed for the incident. Employing 80,000 people, BP is an international oil company that puts different technology to use for finding oil and gas under the Earth’s surface. One of the oilrigs, Deepwater Horizon has drilled 35,000 ft. making it to be the deepest drilling of oil and gas (Walsh). Deepwater Horizon was drilling in the Gulf of Mexico about 52 miles southeast of Venice on Louisiana's tip. After the explosion, helicopters searched for 11 crewmembers that reported missing. 17 people were injured (BP Internal Investigation Team). A day later, the rig was found upside down (BP Oil Spill Timeline). The cost to clean up the damage is approximately $760 million (Walsh).
The United States uses more than 21 million barrels of oil each day, the uses are gasoline, heating oil, jet fuel, and diesel fuel. On April 20, 2010 an explosion damaged the oil rig of the coast of Louisiana and over the next three months, a total of 5 million barrels of oil spilled into the Gulf of Mexico. The spill caused environmental damage and thousands of animals and their habitats died as a result. BP did take responsibility and paid for the clean up and compensated the victims. After the spill, the U.S. Department of Interior issued and then later overturned a moratorium on off-shore drilling, but critics argued that it would cause thousands of workers to be laid off, but they were still suffering from the recession and the loss of jobs caused by the oil
Most people believe that one man-made natural disaster would teach us to be better, but we have learned that history repeats itself. The Exxon Valdez oil spill (in 1989) and the Deepwater Horizon oil spill, or BP oil spill, (in 2010) were both devastating oil spills that shocked the nation. The Exxon Valdez oil spill occurred due to a tanker grounding. The BP oil spill was caused by an explosion on the Deepwater Horizon oil platform. These two oil spills were both disasters and had greater effects in certain categories. In this essay, I will be comparing the cause of both oil spills, the damage/effect of both oil spills, and the cleanup of each oil spill.
On March 24, 1989 the Exxon Valdez oil spill occured. This was a huge tragedy that impacted many people negatively because it resulted in conflict related to economics. This picture shows one of the ways that it impacted people economically (Britannica). It shows a crew of people who are using hoses to clean all of the oil off of the rocks on an Alaskan beach. This affects people economically because in order to get these resources to clean up the oil spill it ended up costing 1.8 billion dollars to accomplish (Kitch). People who were affected by it were people who had relatives or acquaintances on the ship, people who were involved in the aftermath such as cleaning up the oil, and people who were on the ship during the spill. The other perspectives
Nelson, A.N. 1971. Effects of oil on marine plants and animals. London: Institute of Petroleum.
Oil spills don't have a good impact on humans and the environment. There are many ways this problem has affected us. For example, when the BP oil spilled in the Gulf of Mexico, the fishermen there couldn't
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.”
On the summer of 2010, the petroleum industry was shaken by one of the largest disasters in history known as the BP Deepwater Horizon Oil Spill. This resulted in the killing of eleven people, injuring of seventeen and an immeasurable damage to the ocean and the surrounding communities. BP had to immediately respond to the crisis and handle their financial and reputational risks.
Oil spills and pollution can be the cause of death too much of the local marine life. An oil slick can cover up to 50 square miles polluting, and damaging all the ecosystems in which the marine life thrives killing thousands. All over the ocean surface and all over the land near the spill will be contaminated with crude oil ruin the lives of many of the animals near or who feed of the animals who were less fortunate not to make it out of the spill un effected.
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.
To begin with, pollution of the ocean such as oil spills play a major role in corrupting the marine life. Oil spills occur due to numerous reasons. For instance, people may make mistakes while using equipment containing oil and cause an oil spill. A representative epitome would be the 2007 South Korea oil spill. Around 7:30 am on 7 December 2007 in Korea’s local time, Samsung Heavy Industries’ crane barge crashed into Hebei Spirit, a crude carrier anchored by Hong Kong, while being towed. The tragic accident took place near the Daesan port on the coast of Yellow Sea, spilling approximately 260,000 tons of oil in the sea. The situation worsened as the barge freely floated around after the tug cable had snapped. Fortunately enough, no casualties were reported from this incident. However, the region that the spill had affected was one of the major homes used migratory birds, and contained a national maritime park along with 445 sea farms as well. People reluctantly assumed the oil spill would not widely spread because of severely low winter temperatures of Korea. Such unwilling attitude essentially exacerbated the situation. Unexpectedly warm climate alo...