Primarily involved in the Gulf of Mexico oil spill
Today,economic news about The three oil companies primarily involved in the Gulf of Mexico oil spill blamed each other Tuesday for the accident last month that left 11 workers dead and oil still spewing into the Gulf.From CNN News that Senate Energy and Natural Resources Committee, BP (BP), the well’s owner and lead operator of the project, sought to turn attention to the valve that was supposed to shut off the well in case of an accident. The valve, known as a blowout preventer, is owned by drilling rig operator Transocean, which was contracted to drill the well for BP using its Deepwater Horizon drill rig.
“Transocean’s blowout preventer failed to operate,” said Lamar McKay, chairman and president of BP America, according to prepared testimony. “Only seven of the 126 onboard the Deepwater Horizon were BP employees, so we have only some of the story.”
Transocean (RIG) said the blowout preventer performed fine in tests just a week before the accident.
While it’s still unclear why the blowout preventer did not work, Transocean chief executive Steven Newman said the preventer is not the ultimate cause the accident, and that it must have been a failure of the well’s cementing or casing that holds the wells in place.
Either way, Transocean said it’s the responsibility of the well’s owner to set all specifications for the drilling process, including dictating how the well is drilled, how thick the steel walls will be, and the composition and timing of mud injections and cement injections.
“All offshore oil and gas production projects begin and end with the operator…in this case, BP,” said Newman. “Here was a sudden, catastrophic failure of the cement, the casing, or both. Therein lies the root cause of this occurrence.”
