B&E’s Steven Philip Warner talks to various global oil & climate experts from the likes of Goldman Sachs, Credit Suisse, Standard & Poor’s, Argus Research, JBC Energy & Varda Group to find out what awaits BP’s fate? Will BP, which as recently as two months back was the second most valued oil major in the world, disappear?
The Niger Delta, which has 606 oil rigs, today caters to 40% of the crude oil imported by US – perhaps a reason for the US Congress to ignore the wrongdoings in Nigeria. On May 1, 2010 (ten days after the BP spill), US giant ExxonMobil spilled about 1.1 million gallons into the delta for a week before the leak was stopped. It was ignored. The locals are demanding $1 billion in compensation. That will be ignored too. Beats us why the US Congress has not questioned Exxon. As per the Nigerian govt. figures, more than 7,000 spills occurred in the region between 1970 and 2000, with Shell accounting for more than 1,000 of the cases. In 2009 alone, Shell was responsible for a leakage of more than 14,000 tonnes of oil in the region. Was it even questioned?
6.1 million gallons is Hayward’s crime to date. If Exxon could have been let go off with just $507 million in charges after the 10.8 million gallons spilled in 1989 (following which, “Exxon tried to limit its liability by undertaking destructive technologies in attempts to show it was trying to ‘clean-up’ such as hot water washing and fought through the courts challenging the compensation claims from those impacted by the spill,” as Kelly Rigg, Exec. Director of Varda Group tells B&E), why ask BP to create a $20 billion “slush fund”? But BP won’t mind. And neither will Hayward. He knows, once a substantial amount of restoration to BP’s public image has been done, he’ll be replaced.
[As we go to print, Hayward has already started handing over his daily operational work to Bob Dudley (MD of BP), and will hereon look after its UK operations.]
The Niger Delta, which has 606 oil rigs, today caters to 40% of the crude oil imported by US – perhaps a reason for the US Congress to ignore the wrongdoings in Nigeria. On May 1, 2010 (ten days after the BP spill), US giant ExxonMobil spilled about 1.1 million gallons into the delta for a week before the leak was stopped. It was ignored. The locals are demanding $1 billion in compensation. That will be ignored too. Beats us why the US Congress has not questioned Exxon. As per the Nigerian govt. figures, more than 7,000 spills occurred in the region between 1970 and 2000, with Shell accounting for more than 1,000 of the cases. In 2009 alone, Shell was responsible for a leakage of more than 14,000 tonnes of oil in the region. Was it even questioned?
6.1 million gallons is Hayward’s crime to date. If Exxon could have been let go off with just $507 million in charges after the 10.8 million gallons spilled in 1989 (following which, “Exxon tried to limit its liability by undertaking destructive technologies in attempts to show it was trying to ‘clean-up’ such as hot water washing and fought through the courts challenging the compensation claims from those impacted by the spill,” as Kelly Rigg, Exec. Director of Varda Group tells B&E), why ask BP to create a $20 billion “slush fund”? But BP won’t mind. And neither will Hayward. He knows, once a substantial amount of restoration to BP’s public image has been done, he’ll be replaced.
[As we go to print, Hayward has already started handing over his daily operational work to Bob Dudley (MD of BP), and will hereon look after its UK operations.]
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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