BPXA

AcronymDefinition
BPXABritish Petroleum Exploration Alaska
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BPXA Well 3 is located in the Greater Prudhoe Bay area, approximately 5 miles from the Deadhorse Airport on Alaskas North Slope.
Once well control has been achieved, BPXA will work with their Oil Spill Response Organization, Alaska Clean Seas (ACS), to delineate the impacted area.
Under the settlement agreement, BPXA will pay USD29,469,081 to the trust, and the trust will release any and all claims, demands, rights, liabilities and causes of action that have been asserted or could be asserted on behalf of the trust and the unit holders against BPXA, and affiliated companies.
At the time BPXA pleaded guilty to this environmental crime, the company also agreed to a civil settlement involving related claims.
Under the settlement agreement, BPXA paid $29,469,081 into an interest-bearing escrow account and the Trust, on behalf of all past, present, and future holders of Trust Units released any and all claims, demands, rights, liabilities and causes of action that have been asserted or could be asserted on behalf of the Trust and the Unit holders against BPXA, affiliated companies, including BP p.
The settlement agreement does not release any claims or causes of action arising out of, based upon or related in any way to conduct by BPXA to the extent that such conduct may result or has resulted in a reduction of the royalty payments received or to be received by the Trust in 2009 or any subsequent year.
Since 1996, oil companies have exported oil from Alaska to foreign countries; (171) BPXA has exported substantial amounts of crude oil to Asia with the enthusiastic approval of the Alaska state government.
Under the settlement agreement, BPXA will pay $29,469,081 to the Trust, and the Trust, on behalf of all past, present, and future holders of Trust Units will release any and all claims, demands, rights, liabilities and causes of action that have been asserted or could be asserted on behalf of the Trust and the Unit holders against BPXA, affiliated companies, including BP p.
BPXA applied for permits from the United States Army Corps of Engineers (Corps) as required by section 404 of the Clean Water Act (CWA) (101) and section 10 of the Rivers and Harbors Appropriations Act of 1899.
Furthermore, BPXA are planning to use a northern section of the Fox East Prudhoe Bay Prospect for their Oil Spill Response Mutual Aid Drill starting today.
BPXA is using Network Appliance(TM) solutions in an Oracle(R) database environment running subsurface modeling, reservoir simulation, and seismic interpretation applications.
Accenture has successfully delivered several new applications to BPXA ranging from a fully electronic invoice receipt/approval/payment system with web-based vendor self-service facility to a web-enabled financial management and forecasting tool which complement the newly implemented SAP accounting system.