Malicious bacteria

BP shareholders filed a lawsuit against the company's president, Lord Brown, over the accident in Alaska.

The accident at the Prudhoe Bay field in Alaska, as a result of which the operation of the oil pipeline was stopped, could result in big troubles for the project operator, the BP company. As Western news agencies reported yesterday, a number of shareholders of the British company filed a lawsuit in the Federal Court of New York against BP President Lord John Brown and all members of the board of directors, accusing them of industrial negligence and demanding compensation for the damage they suffered. According to the company's owners, management, knowing about the corrosion of the pipeline, did not take any measures to carry out repairs and preventive maintenance at the field's production facilities. Despite the fact that there was money for this, the company's profit in the second quarter increased by 30%, to $7.27 billion. The amount of compensation required was not indicated in the messages. According to BP, the cost of repairing the pipeline could be about $200 million, but shareholders believe that the accident will lead not only to the cost of repairing the pipes, but also to lost profits. In addition, the plaintiffs do not rule out the possibility of legal action against BP, strict oversight by regulators and environmental groups, as well as nationwide customer dissatisfaction due to higher gasoline prices. And all this, in turn, can cause wider corporate losses.

The accident occurred on August 7, when a small (4.8 thousand barrels) oil leak was discovered on the underwater section of the field pipeline connecting the Prudhoe Bay offshore field with the mainland. The cause, according to the company, was corrosion of oil pipeline pipes. Immediately after the accident was discovered, BP announced an indefinite closure of the field for repairs. Prudhoe Bay is the largest hydrocarbon field in the United States, which produces about 8% (400 thousand barrels per day) of all American oil. Naturally, the news of its closure caused panic in the market. Within a few hours, oil prices rose by more than $1.5 per barrel, and heavy Brent, comparable in quality to that produced at Prudhoe Bay, finally overtook light Light Sweet, reaching $78 per barrel. On the same day, the US government announced its readiness to open government reserves in the event of a sharp oil shortage. But a few days later, BP announced that it would maintain production at the field at the level of 200 thousand barrels per day, and the price hysteria ended on its own: prices for October Brent futures fell to $74.07 per barrel, fortunately this was facilitated by the improving situation in Lebanon .

The dissatisfaction of BP shareholders is quite understandable. Indeed, this year three accidents occurred at BP fields in the Prudhoe Bay area, and for the same reason - pipe corrosion. In March, one of the largest oil leaks in the history of oil production occurred at the North Slope field - 1.2 million tons. In April, an associated gas leak was recorded in the same area. The accidents prompted the U.S. Environmental Protection Agency to investigate the company for alleged violations of the federal Clean Water Act. In addition, last year's explosion at a BP refinery in Texas is still under investigation. The US government became interested in the August accident, suspecting BP of wanting to play with oil prices. Now the investigative commission of the US Congress is checking this version.

Industry experts, for their part, drew attention to the fact that the claims coincided with BP's statements about Lord Brown's upcoming resignation in 2008. He will then be 60 years old and, in accordance with corporate rules, will have to leave his post. At the same time, some major shareholders of BP, in particular the Co-operative Insurance Society, note that Mr. Brown is not seeking to retire, and they are ready to lobby for an extension of his term.

BP does not officially comment on the situation, and blame for the accident is shifted to malicious microbes that ate the pipeline from the inside. As BP representatives working to eliminate the accident noted, the waste products of bacterial colonies living inside oil pipeline pipes become a source of acid, which destroys the pipes; they are “the main suspects in this case,” ITAR-TASS quotes them.

Anna GORSHKOVA