Oil Archives - Kemplon Engineering

Exxon Valdez: Spared from $92 Million in Additional Oil Spill Damages

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More than 25 years after one of the largest oil spills in US waters of all time, Exxon is released from having to pay an additional $92 million from 1989’s Exxon Valdez oil spill.

On the 24th of March, 1989, tanker Exxon Valdez is grounded on Alaska’s Prince William Sound, with a ruptured hull that would launch about 11 million gallons (or 260,000 barrels) of crude oil into precious waters off Alaska. At the time, the disaster was unprecedented in scale, and demanded an equally unprecedented response from various federal, state, local and private entities. 1,500 miles of coastline, as well as parks, wildlife habitats, refuges and sanctuaries, many marine animals, and local livelihoods would ultimately be adversely affected by the disaster.   Read More

Historic $20.8 Billion Settlement On 2010’s Gulf Oil Spill

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$20.8 Billion – a staggering amount of money. But then again, this is the figure negotiated as the proposed final settlement against BP, for the devastating Gulf Oil Spill of 2010. The disaster is considered to be the worst accidental oil spill in all of U.S. history and the settlement, also the largest. $20.8 billion, then, is an unimaginable figure to pay for an unprecedented disaster. But is it really enough?

The Gulf Oil Spill started with the April, 2010 explosion and sinking of oil rig, Deepwater Horizon, in the Gulf of Mexico. The disaster claimed 11 lives. But with a pipe leaking an estimated 3.19 million barrels of oil until it was successfully capped only 87 days later, the event would ultimately be detrimental to the communities and livelihoods of thousands of other people, with untold long-term environmental effects we are still yet to fully comprehend.

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Shell Pulls Out of Arctic Exploration

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The Arctic gamble isn’t quite working out as expected for Shell. Lured in by the same optimism and promise of untapped natural resources that has captivated many other international players in government, business and the maritime industry, the company has shelled out billions of dollars and faced down negative public opinion and confrontational environmental groups to fight for its place in the region. But late this September, their Arctic adventure comes to an end, with the announcement that they would be ceasing oil exploration activities for the foreseeable future. Read More

Business with Iran After Landmark Nuclear Deal

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Eyes are on a landmark nuclear deal with Iran that could usher in business opportunities – if it survives opposition.

Iran faces multiple international sanctions stemming from its nuclear program. In 1967, the country had acceded to the Nonproliferation Treaty (“NPT”) and in 1974 had also signed the International Atomic Energy Association (“IAEA”) Safeguards Agreement, which is supplemental to the NPT. However, the succeeding years would point to the country’s nuclear weapons ambitions – leading to concerns from the United States and the international community, and ultimately, sanctions from the U.S. government, the European Union, and the United Nations. Read More