The Deepwater Horizon incident was caused by the failure of a cement base of the drilling-well. An explosion occurred due to the combination of: a faulty base, the flow of high pressure gases, and mechanical problems. A safety mechanism called the “blowout preventer” uses drill pipe to seal off the well in events like this. This preventer also failed, allowing for the oil spill to continue to leak.
It was found that a nitrogen foam based cement was used in constructing the drilling-well base. The cement quality did not meet regulations and failed numerous lab tests prior to the Deepwater Horizon incident. Failing to meet regulations the cement would be more prone to cracking and causing other parts of the rig to break and eventually end up exploding. Safety is a big part of these oil drilling plants, working with gas can lead to large explosions that harm the environment and should be protected by stricter regulations. …show more content…
Several animals and plants, such as birds and marine life died due to this event. It was estimated that the spill harmed or killed approximately 82,000 birds, 6,150 sea turtles, and 26,000 dolphins, whales, and other marine mammals. The spill also spread over a thousand miles of shoreline affecting plants and the animals that consumed them. Stakeholder shares fell significantly. The loss of a major oil rig means a large loss of profit. BP’s stock fell by 22% over the nine days that followed the explosion causing BP’s value to drop by $40B. The stock had dropped 52% by June 2010. BP paid over $25B in its effort to correct the mistake of the oil spill which includes $18.7B in government fines. There’s been a strong recovery since the incident. After helping with the cleanup and restoring the name of BP, its stock has risen from a low of $27.02 per share in June 2010 to a high of $53.15 per share in July 2014. As of December 5, 2016 its stock is at $35.62 per
It was found that a nitrogen foam based cement was used in constructing the drilling-well base. The cement quality did not meet regulations and failed numerous lab tests prior to the Deepwater Horizon incident. Failing to meet regulations the cement would be more prone to cracking and causing other parts of the rig to break and eventually end up exploding. Safety is a big part of these oil drilling plants, working with gas can lead to large explosions that harm the environment and should be protected by stricter regulations. …show more content…
Several animals and plants, such as birds and marine life died due to this event. It was estimated that the spill harmed or killed approximately 82,000 birds, 6,150 sea turtles, and 26,000 dolphins, whales, and other marine mammals. The spill also spread over a thousand miles of shoreline affecting plants and the animals that consumed them. Stakeholder shares fell significantly. The loss of a major oil rig means a large loss of profit. BP’s stock fell by 22% over the nine days that followed the explosion causing BP’s value to drop by $40B. The stock had dropped 52% by June 2010. BP paid over $25B in its effort to correct the mistake of the oil spill which includes $18.7B in government fines. There’s been a strong recovery since the incident. After helping with the cleanup and restoring the name of BP, its stock has risen from a low of $27.02 per share in June 2010 to a high of $53.15 per share in July 2014. As of December 5, 2016 its stock is at $35.62 per