Jason Barton

Professional Information and Energy News

Battered BP Thinks Twice About Arctic Oil

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Risk management. Oil drilling. The public. For a business to perceive risk, it is largely measuring costs. There are very few direct costs with environmental damage, so the burden lies with us as consumers and voters to put pressure on firms to make decisions like this one by BP not to drill in areas that pose environmental risks.

When we stay informed of these events (with the help of a diligent and free media) and hold companies accountable to fix their mistakes, or, even better, motivate them to avoid committing them in the first place, we’re doing our job to ensure that a capitalist system functions properly.

Parmy Olson, 08.26.10, 08:05 AM EDT

A foray into environmentally sensitive Greenland must have looked like a bad idea.

LONDON — It’s been four months since the Deepwater Horizon drilling rig explosion that killed 11 people and caused the worst environmental catastrophe in United States history. So, how is BP approaching new opportunities to explore for oil? Probably with a lot of caution.

The oil giant confirmed Thursday that it would not bid for an oil exploration license in Greenland and refused to say whether the decision had been influenced by the deepwater well blowout in the Gulf of Mexico. BP had “decided not to proceed with a bid” during a licensing round, though it had been involved at an early stage, a spokesman told the Associated Press.

Read the entire article here.