Deepwater Horizon Oil Spill : the need for more reliable environmental accounting and reporting

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Synergiz published a case study in December 2010 (in French) about the accounting implications of the explosion of the Deepwater Horizon offshore oil platform on April 20, 2010. An English translation is made available today : The financial impacts of BP’s response to the Deepwater Horizon Oil Spill – Comparing damage valuation approaches and highlighting the need for more reliable environmental accounting and reporting (pdf 1,7Mo). This case study:

  • Recalls the key events that took place after the April 20 explosion ;
  • Explains the accounting and fiscal implications of BP’s response to the Gulf of Mexico oil spill ;
  • Explains the methodological challenges of quantifying environmental damages ;
  • Exposes BP’s lack of transparency as regards to its calculation methods for its environmental liabilities;
  • And underlines the need for more reliable environmental accounting and reporting: i.e. integrated monetary and non-monetary ecosystem data sets.

 

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