Why BP is so much discussed now-a-days ?

Because of
Deepwater horizon oil spill BP oil spill Gulf of Mexico oil spill

BP oil disaster Macondo blowout

 Location-Gulf of Mexico near Mississippi River

Delta

April 15 July 2010 Cause-Wellhead blowout Casualties-13 dead (11 killed on Deepwater Horizon, 2 additional oil-related deaths),17 injured Operator-Transocean under contract for BP
Date-20

It is the largest marine oil spill in the history of the petroleum industry. The spill stemmed from a sea-floor oil gusher that resulted from the April 20, 2010 Deepwater Horizon drilling rig explosion. The explosion killed 11 platform workers and injured 17 others. On July 15, the leak was stopped by capping the gushing wellhead after releasing about 4.9 million barrels of crude oil.

The Deepwater Horizon was a 9-year-old semisubmersible mobile offshore drilling unit It was owned by Transocean, operated under the Marshallese flag of convenience, and was under lease to BP from March 2008 to September 2013 At the time of the explosion, it was drilling an exploratory well at a water depth of approximately 5,000 feet (1,500 m) in the Macondo Prospect, located in the Mississippi Canyon Block 252 of the Gulf of Mexico in the United States exclusive economic zone about 41 miles (66 km) off the Louisiana coast.

BP is the operator and principal developer of the Macondo Prospect.

BP-65% share, 25% is owned by Anadarko Petroleum Corporation 10% by MOEX Offshore 2007, a unit of Mitsui

20 April 2010

During March and early April, several platform workers and supervisors expressed concerns with well control. At approximately 9:45 p.m. on April 20, 2010, methane gas from the well, under high pressure, shot all the way up and out of the drill column, expanded onto the platform, and then ignited and exploded. Fire then engulfed the platform.

Most of the workers were evacuated by lifeboats or were airlifted out by helicopter, but eleven workers were never found despite a three-day Coast Guard search operation, and are presumed to have died in the explosion. Efforts by multiple ships to douse the flames were unsuccessful. After burning for approximately 36 hours, the Deepwater Horizon sank on the morning of April 22, 2010.

According to the Wall Street Journal on August 22, as well as previous estimates of the U.S. Department of Labor and state employment agencies, approximately 100,000 jobs may be lost due to the oil spill. Tens of thousands of commercial fishermen have been unable to work during the spill, a suspension that many may simply not recover from. Companies that provide services to the fishermen, foods processing companies, even restaurants and other support services for offshore oil exploration have seen their business all but disappear. Many of these businesses, already barely hanging on during the Great Recession, may simply be unable to weather this latest setback and close entirely.

On May 24 the federal government declared a fisheries disaster for the states of Alabama, Mississippi and Louisiana. Initial cost estimates to the fishing industry were $2.5 billion The U.S. Travel Association estimated that the economic impact of the oil spill on tourism across the Gulf Coast over a three-year period could exceed approximately $23 billion, in a region that supports over 400,000 travel industry jobs generating $34 billion in revenue annually.

As of August 13, 4,768 dead animals had been collected, including 4,080 birds, 525 sea turtles, 72 dolphins and other mammals, and 1 reptile.

BP employed remotely operated underwater vehicles, 700 workers, four airplanes and 32 vessels. By April 29, 69 vessels including skimmers, tugs, barges and recovery vessels were active in cleanup activities. On May 4 the US Coast Guard estimated that 170 vessels, and nearly 7,500 personnel were participating, with an additional 2,000 volunteers assisting. On May 26, all 125 commercial fishing boats helping in the clean up were ordered ashore after some workers began experiencing health problems. On May 31, BP set up a call line to take cleanup suggestions which received 92,000 responses by late June, 320 of which were categorized as promising.

The company said the charge gave it a loss of $17bn for the three months between April and June - a UK record.

The $32.2bn cost of the clean-up includes the $20bn already set aside in an escrow account for compensation claims. BP also said Bob Dudley, head of the Gulf cleanup operation, will replace Tony Hayward as chief executive.

BP has also set aside a $20 billion fund to reimburse individuals for losses related to the oil spill. This fund is now being overseen by Kenneth Fienberg, who was responsible for overseeing payments to victims of the 9/11 terrorist attacks, and whose appointment was insisted upon by the federal government.

The Obama Administration has imposed a six-month ban on deepwater drilling in the Gulf until such time as safety and environmental protections can be evaluated.