Overview of the Deepwater Horizon oil rig accident
In this given article, it is clearly mentioned about the incident or accident on Deepwater Horizon oil rig (Wiens, 2015). The article explains the accident that took place due to loss of control from the pressure of the fluid. In that case, it was the blowout preventer that was automatically sealed for the events where the loss of control failed to engage. In other words, hydrocarbons shot up at an unmanageable rate and ignite the causes that mainly outburst on the oil rig. Therefore, in this mentioned accident, 11 people were killed from places such as Texas, Louisiana and Mississippi (Watson, 2016).
There was proper mention in the progress statement that is taken from the case study on Deepwater Horizon oil rig as it uses several methods for plugging the leak to look into the matter (Starbird et al., 2015). In that case, it began with the effort at the time of closing the blowout preventer when it operates the vehicle. The company named as British Petroleum had contracted Polaris for looking in the area that impact and provides with suggestions for cleanup (Barrage, Chyn & Hastings, 2014).
To summarize the article, it is important to highlight the fact on whether safety standards of British Petroleum are adequate or not (Shultz et al., 2015). In the case study final report, the answer to the above question is no because the accident caused could have been avoided if the company had accessed to proper strategy within their operations. It is noted that British Petroleum does not follow the functional safety standards at the time of business operations. It is thereby important for highlighting the facts with the Global Group that should consist of knowledgeable and experienced professional who will analyze the failings or accident cause ad recommend the remedial actions to the safety standards (Barrage, Chyn & Hastings, 2014). It was already known by the company on matters relating to burden in the blowout preventer were the piece of tools failed due to triggers on the outburst (Paul et al., 2013).
This case study deals with the incident on Deepwater Horizon oil rig (Osofsky et al., 2016). To this, British Petroleum was the leader in deep water oil drilling efforts that had been negatively associated with the worst or dangerous environmental disaster in the history of America as an 20th of April 2010. In the year 2010, a gas release and subsequent explosion took place on the Deepwater Horizon oil rig (Barrage, Chyn & Hastings, 2014). To this, the oiling occurs when the company was letting into the Transocean that is a Swiss business. This business was operated at the time of investigating for Macondo that is located approximately 50 miles to the Louisiana coast in the Gulf of Mexico. Therefore, the explosion killed 11 workers and injury to 17 workers when they were working due to 205 million gallons of oil into the Gulf of Mexico (Michel et al., 2013).
Methods used for plugging the leak
Stakeholder theory is one of the theories where the stakeholders of the business are not just the direct owners (Mason et al., 2014). Here, Stakeholder can be individual, unit or group where the business firm gets benefited from the activities after undertaking normal course of action. In relating the theory with the case study, the first stakeholders that majorly had an impact by Deepwater Horizon Oil Spill was the workers who were working on the rig at that point of time. More than 126 people were present on the platform, out of which 115 could get evacuated from that explosion of oil rig (Barrage, Chyn & Hastings, 2014). It hardly took three days where it the oil rig or spill covered 5200 miles more from the actual place. It went through the point where the Coast Guard then shouted for rescue purpose and expects for survival at that point of time. Due to this incident, 11 people or workers were dead from the crew that got affected by this tragedy. It is thereby quoted that the main stakeholders for the case incident was the environment, communities and Gulf fishing industry and the tourist dependent business at the same time (Lamendella et al., 2014).
It is also important to discuss or argue with the fact on how environment got affected by the incident (Deepwater Horizon Oil Spill). In addition, environment was forever a stakeholder in oil spills as it is known after the incident as they are directly connected to each other where one gets harm due to other factor (Barrage, Chyn & Hastings, 2014). Therefore, the environment collision of oil spill in particular on the seas organisms and their ecosystems that is correctly recognized. It was clearly explained in the Act (The Oil Pollution Act 1990) that it is directive to reflect on the fact where the Natural Resources Damages the evaluation that needs to be accumulates for each of the oil spill. Furthermore, it is essential to review or in that case permit the reinstatement efforts that require to be concluded in the areas that events the collision in terms of fish killed and wetland shattered on an adverse way(Heflin & Wallace, 2017). The present report depicts or presents set for the British Petroleum oil spill where more than 1100 miles of coastal wetland was the real victim that was hugely affected by the oil spill. Consequently, it is compulsory to establish the fact or areas where the plants as well as root systems was eradicated by the spill and wearing down are honestly converted into swamp into open water in a given situation (King et al., 2015).
Assessment of British Petroleum’s safety standards
It is also important to discuss or argue with the fact on how economy got affected by the incident (Deepwater Horizon Oil Spill). The answer to the above statement is that it is still an unknown fact on how economic impact the oil spill (Barrage, Chyn & Hastings, 2014). Furthermore, it can be only stated that most of the stakeholders get reasonably exaggerated from the effect of oil spill, whichever directly or not directly. It is actually the people who are facing the immediate effect such as fisherman in those areas, hotels and restaurant that are located to the nearby places. At this time the profitable production of fish adversely decreases at 20% due to the fact fishery closures (Heflin & Wallace, 2017). As noted in the year 2008, it is mentioned that the marketable fisherman in the Gulf harvested with more than 1 billion pounds of fish as well as shellfish. Therefore, it is where the safety of seafood is harvested from the Gulf of Mexico that leaves the probability of Gulf fisherman at that point of time (Kimes et al., 2014).
It is also important to discuss or argue with the fact on how general public got affected by the incident (Deepwater Horizon Oil Spill). To this, Public interest theory can be termed as the economic theory that was recognized where the regulations can be proposed based upon the demand of the community for the rectification in the incompetent or in that case unbalanced marketplace strategy (Heflin & Wallace, 2017). In other words, it is the regulation that has been assumed as it believes with the cause. It should benefit the rights and best interest of the society as a whole rather than focusing on comparable vested interests as mentioned in the case study. Consequently, the authoritarian body symbolizes the wellbeing of the people where it is function for meeting the private interests of the regulator in the most appropriate way (Heflin & Wallace, 2017). The assumption assumes where the markets are extremely fragile in nature as well as operates in incompetent or unbalanced markets. Government can be considered as the neutral arbitrator as mentioned in the given case scenario (Barrage, Chyn & Hastings, 2014). Here, it can be stated that public interest theory was criticized as it is opposite to the concept of public choice theory that deals with government and behavior and motives that are present behind the regulatory activities that is socially agreed on legal terms. In that case, the instruction can be confined by the present business firms where it protects the market from the entry of contestant. Critics were of the opinion that public actually demands for resources that are easily allocated and used at the same time (Cherry et al., 2015).
Stakeholder theory and its relation to the incident
It is significantly scrutinized that public as well as corporate governance failures brings this dispute on predisposal behind BP oil spill in the Gulf of Mexico (Barrage, Chyn & Hastings, 2014). Here, this tragedy is measured as the worst ecological disaster that occurs in the United States record. On serious assessment, it is stated that the facts are obtainable openly so that it is clear to recognize the methodical supremacy flaws in particular of a marketwise management organization where the there is self in harmony corporate ascendancy present in the company named as British Petroleum (Heflin & Wallace, 2017). Here, the answer has been acknowledged when the spill was supervised by the US Federal Government organization like to the Minerals Management examination. It is in agreement with the reformation ways that is under Reagan management that looks at the trade where the MMS had been synchronized as well as collect profits particularly from the offshore oil lease (Barrage, Chyn & Hastings, 2014). The incident named as The Deepwater Horizon Oil rig explosion had killed 11 workers as well as spilt the millions of gallon of oil into the ocean for more than 86 days. Here, this incident had closed down the main fishing grounds that was there in US and killed large number of wildlife, local populace as well as loss of profits that hampered long-standing health concerns from the toxic cleanup in given way (Heflin & Wallace, 2017). It was the picture or the representation that is current in the fiscal declaration and the sustainability reviews that there is an upright corporate citizen that cares for the populace as well as natural environment. Therefore, the greenwash of British Petroleum will everlastingly remain to be discolored by the dirty as well as vulnerable trade of oil assessment and the elimination (Atlas et al., 2015). Consequently, the submission of a speculative agenda actually gets associated with the neo-managerialism of public service as well as authoritarian entrepreneurship where the profitable education gives go up to serious inspection. In addition, it is stated that there are numerous act of power failures eminent that actually failed to protect the public commons for the public good in the most appropriate way (Barrage, Chyn & Hastings, 2014).
Conclusion
From the above analysis, it is clearly understood that the incident on Deepwater Horizon oil spill was dangerous and was a reason where many people and workers were killed and injured. The incident ultimately was the reason to harm other members of the affected workers who were working at that point of time. The present segment relies upon the underlying reasons on matters connecting to inclined disastrous mishap of British Petroleum those results in millions of gallons of oil spill into the Gulf of Mexico, a major habitat for sea life. Adding to that, the assignment had provided sufficient confirmation that exhibit marketwise communal supremacy failures failed in their responsibility as they were accountable to defend the society as well as usual surroundings. Somewhat, they were the cause for the utilization as well as oil removal. It is the public domination who protects the markets from people but they had sheltered the society from the destructive feature of the marketplace. In addition, it was also renowned that there was failure of private domination that is the Board of British Petroleum as well as numerous sub-committees that were charge for observing at the safety standards. They were accountable to looks after the physical condition and natural surroundings but failed in their tasks a big time.
Impact of the incident on the environment
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