Transcript provided below.Read More
February 2005 – A giant in the oil industry sets out to drill what is, at the time, the deepest oil well in the world, a staggering 32,000 feet below the sea bed. The oil field, just 28 miles from the Louisiana coast, is estimated to contain up to a billion barrels of oil. The success of this well could launch a new era of offshore drilling and revolutionize an industry. And then, after 18 months and $180 million dollars, just 2,000 feet from their target, ExxonMobil halts their drill, declares Blackbeard West unsafe, and walks away.
Barely 5 years later, a similar well, deep and deeply unsafe, would suffer a catastrophic blowout, pumping millions of barrels of crude into the Gulf of Mexico. The resulting investigation revealed a history of unacceptable risk and a blasé attitude towards safety on the part of BP. While the BP blowout at the Macondo well was a disaster on a global scale, Blackbeard West was a disaster deferred. How could these two incidents, both created by nearly the same conditions, have had such dramatically different consequences? What can we learn about the culture of oil exploration and the true cost of a crude economy from Blackbeard West?