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.
Showing posts with label Interior Department. Show all posts
Showing posts with label Interior Department. Show all posts
Wednesday, June 30, 2010
Thursday, June 10, 2010
Hornbeck Offshore Services (NYSE:HOS) Sues Interior Department over Moratorium
A media report says Hornbeck Offshore Services (NYSE:HOS) the Interior Department over Obama's decision to put a moratorium on oil drilling in the Gulf of Mexico.
The lawsuit is an attempt to stop the Interior Department from enforcing the six-month moratorium, which some also fear could end up being extended to a year or longer.
Hornbeck says in the lawsuit that of the 33 drilling rigs inspected by the government, 29 of them only had minor violations.
The supplier of vessels to offshore oil and gas exploration companies said the moratorium also conflicts with Federal law which requires the government "to balance orderly resource development with the protection of human, marine and coastal environments."
There is growing opposition to the moratorium, which is deemed excessive by many, including workers and lawmakers from the regions affected most by it.
The lawsuit is an attempt to stop the Interior Department from enforcing the six-month moratorium, which some also fear could end up being extended to a year or longer.
Hornbeck says in the lawsuit that of the 33 drilling rigs inspected by the government, 29 of them only had minor violations.
The supplier of vessels to offshore oil and gas exploration companies said the moratorium also conflicts with Federal law which requires the government "to balance orderly resource development with the protection of human, marine and coastal environments."
There is growing opposition to the moratorium, which is deemed excessive by many, including workers and lawmakers from the regions affected most by it.
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