About five years after the 2005 Texas City refinery explosion which claimed the lives of 15 workers, BP (NYSE:BP) will pay a record fine of $50.6 million for its failure to correct known safety hazards.
This isn't the end of the Texas City story for BP though, as this only accounts for 270 of the 709 citations issued by OSHA at the facility.
OSHA and BP are in the midst of negotiating over another set of fines which could go as high as $30 million.
The U.S. has called for fines of $81.3 million altogether at the factory, which with these two sets of fines would fall just under that number.
Under fire for its overall poor safety record, BP is increasing the pace of the improvements they're making at the refinery, which will cost up to $500 million through 2016.
Independent experts will verify the work that it is indeed an improvement to safety and completed as specified.
According to OSHA, the company will face an “unprecedented level of oversight.”
Showing posts with label BP Fines. Show all posts
Showing posts with label BP Fines. Show all posts
Friday, August 13, 2010
Wednesday, June 30, 2010
BP (NYSE:BP) Fined $5.2 Million for False Production Figures
The U.S. government is going over BP (NYSE:BP) in a stringent manner, and they fined the oil giant $5.2 million in relationship to production figures on a Colorado Indian reservation.
BP America is the unit under scrutiny, who the Interior Department says has misreported production data repeatedly on tribal lands of the Ute since 2007.
After Southern Ute auditors had found the alleged discrepancies, BP had promised to change them to the correct figures, which after a period of time, they were checked again, and found to have continued to report false numbers.
While all of this is fine, it is a little cowardly in my opinion to have the Interior Department wait until these circumstances to deal with it and pile on the company, rather than have taken care of it when it happened.
The question is why did they let it go on so long if they indeed knew about it. This doesn't exonerate BP of course, just saying it seems it should have been taken care of long ago if it was true, not at an opportunistic time to make the Interior Department look good.
BP America is the unit under scrutiny, who the Interior Department says has misreported production data repeatedly on tribal lands of the Ute since 2007.
After Southern Ute auditors had found the alleged discrepancies, BP had promised to change them to the correct figures, which after a period of time, they were checked again, and found to have continued to report false numbers.
While all of this is fine, it is a little cowardly in my opinion to have the Interior Department wait until these circumstances to deal with it and pile on the company, rather than have taken care of it when it happened.
The question is why did they let it go on so long if they indeed knew about it. This doesn't exonerate BP of course, just saying it seems it should have been taken care of long ago if it was true, not at an opportunistic time to make the Interior Department look good.
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