Oil Rig College Essays Samples For Students

1.0 Introduction
The explosion of British Petroleum’s (BP’s) Macondo well in the deep waters of the Gulf of Mexico on the 20th of April the year 2010 is by far the largest accidental oil spill ever to be experienced in the universe. The fact that the oil spill occurred in a record period of three months demonstrates the magnitude of the spill. In fact, empirical evidence has ascertained that the oil spill as a result of the explosion far exceeds the one that was experienced as result of the combined effects of the Ixtoc blow out of the ...

“Since the effect of frustration is to kill the contract and discharge the parties from further liability under it, the doctrine is not to be lightly invoked, must be kept within very narrow limits and ought not to be extended,” Bingham LJ, Lauritzen. The obiter by the Lord Justice informs the subject of this paper’s discussion. The paper seeks to examine the spirit and the letter of the law in the application of the doctrine of frustration of contract. The paper assumes a legal character that would include consideration of common law approach, statutes and case laws. In addition, ...

Project Definition

Describe the Scope of the project?
The project will entail the construction of an Oil Rig design that will produce oil from pre –drilled wells. It will be installed at a water depth of about 180 meters. The production oil capacity is estimated to be 185 barrels per day. The project has a budget of $350 million US dollars and should be completed within a period of three years.

Explain the need and desire for the Project?

The project aims to enable the country capture a huge part of the oil exporter market in the region. The project also aims to provide more employment opportunities for the fresh graduates of ...

Abstract

The oil and gas industry is a risky business which has witnessed its fair share of accidents in the recent times with the North Sea Alpha Piper Accident which occurred in 1988 being one of the worst accidents. Human error has been recognized as one of the main contributing factors that have led to accidents in the oil and gas industry. The blow out at the Macondo oil rig was the result of the interaction of technical conditions and human failures/ errors. In fact, statistics indicate that about 83.70% of all offshore accidents occur as a result of human error. Accidents ...

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Identity and Space in the Wild West

America is a frontier country, it is part of our identity. As soon as settlers reached the New World they starting heading west in search of opportunities, adventure and resources. However, these people were cowboys, gold prospectors and other rugged individuals that tall tales were made of. The vast majority of Americans stayed safely home in their towns and cities and only ventured west when the foundations were laid and the trains ran on time. As a result, the narrative defining wilderness and the west was largely constructed using mythology and fantasy. This construct was also malleable, it could be ...

Its Impact on the Financial Position and Performance of Australian Companies

Abstract
Lease Accounting is an area which currently has different practices proposed in IFRS and US GAAP. Even lease accounting practices are not interpreted in the same way by different companies within IFRS. This causes confusion for the investors as due to different interpretation by different companies leases are accounted for differently in the annual report and accounting books. This causes problem for regulators, government and investors to judge and rate companies uniformly. As an effort to consolidate and bridge the current gaps, IFRS and US GAAP have come up with Exposure Draft –ED 202. There are some ...

CHAPTER FIVE

5.0 RECOMMENDATIONS AND CONCLUSION
The Deepwater Horizon rig is the property of Transocean who contracted British Petroleum to drill the Macondo exploration well. On the 20th of April 2010, the rig sank and a blow out occurred at the Macondo exploration well which led to the death of 11 people and left several others critically injured. The investigations into the cause of the blow out pointed to technical failures coupled with human error on the part of the rig personnel and the management at British Petroleum. Following the blow out, it was and still is imperative to take precaution ...