BP's (NYSE:BP) Incoming CEO Fires Deep Water Well Executive

Andy Inglis, who was the executive in charge of deep water wells at BP (NYSE:BP), was fired by incoming CEO Bob Dudley. Inglis was over exploration and production for the oil giant.

Outgoing CEO Tony Hayward replaced Inglis on the board of TNK-BP in the early part of September, although he'll remain until October 31, according to Dudley.

The divisions Inglis oversaw will be broken up into three units.

After the firing of Inglis, Dudley announced there will be a new unit to oversee safety practices throughout the company.

Heading up the new safety unit will be Mark Bly, who was responsible for the team which did an internal investigation as to the causes of the failed Macondo well.

Dubbed the Safety & Operation Risk unit, it will be authorized to intervene in any technical activity performed by BP and its workers.

An announcement said, "It will have its own expert staff embedded in BP's operating units, including exploration projects and refineries. It will be responsible for ensuring that all operations are carried out to common standards, and for auditing compliance with those standards."

BP's (NYSE:BP) Tony Hayward to Appear before UK Committee

Tony Hayward, who will soon be stepping down as CEO of BP (NYSE:BP), has been asked to testify before the Energy and Climate Change Select Committee next Wednesday.

The purpose of the meeting will be to get a better grasp of the risks involved in deepwater drilling off the UK coast, and what the implications oil spill in the Gulf of Mexico are to UK deepwater drilling. They'll also look at the role deepwater drilling will continue to play in the UK.

Also asked to appear are Bernard Looney, who is managing director of BP North Sea, and Mark Bly, head of safety and operations.

Hayward will be leaving his post in October.

BP (NYSE:BP) Says Series of Failures Led to Disaster

The long awaited report of BP (NYSE:BP) was released today, and the conclusion was a series of 8 failures let to the explosion which killed 11 workers and caused oil to spew into the Gulf of Mexico.

According to BP investigator Mark Bly, all eight of the failures had to happen to lead to the end result. Bly and his team investigated the incident over a period of four months.

The bottom line on all of them were the systems in place didn't work and human error in some of the instances were the cause of the accident.

Included in the 25 recommendations by Bly and his team to prevent it from happening again were the overall testing of all equipment and systems to be sure they're working.

Things like auditing and verifying the rig, testing cement, being sure blowout preventers are operating correctly, pressure-testing for well integrity, and the competence of the workers.