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Finance - British Petroleum
Finance & Accounting
Pages 8 (2008 words)
British Petroleum British Petroleum (BP) is one of the world’s leading international oil and gas companies that operates and markets products in more than 80 countries, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products for day-to-day activities (Bp.com n.d).
There were many reasons that affected the BP share prices during beginning of 2011. The issue that had highly impacted the BP share prices was the decision taken by Transocean Ltd after conducting an internal investigation. Transocean Ltd is the world’s largest offshore drilling contractor whom the BP had contract with. They provide the most versatile fleet of mobile offshore drilling machineries to assist customers find and utilise efficiently oil and natural gas reserves. Transocean Ltd announced on June 22, 2011 the release of an internal investigation report illustrating the reasons behind the explosion on the Deepwater Horizon rig on April 20, 2010. Transocean operated and owned the Deepwater Horizon rig that was drilling on the oil well in the Gulf of Mexico and their report had an impact on the BP prices the following weeks. In the opinion of Transocean, HP was to be held accountable for the disaster at the rigs as HP was controlling the drilling process at the oil well. The report explains that some of the inaccurate decisions made by HP resulted in the massive explosion on the oil well. According to the findings of the report the reason behind the explosion was the preparing a wrong design of the well, which was carried out by BP, together with an ineffective cement program. ...
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