The paper “ The Buncefield Oil Storage Depot Incident” is a thrilling example of a finance & accounting coursework. On 11 December 2005, several explosions occurred at the Hertfordshire Oil Storage Terminal, better known as the Buncefield Oil Depot. The explosions were of enormous proportion and fire engulfed a high proportion of the site. The fire burned for a number of days, damaging most of the site and releasing large clouds of smoke into the environment. Altogether, forty-three people were hurt but there were no fatalities. Considerable damage occurred to both commercial and residential properties in the area and a large region around the site was evacuated on emergency service instruction.
The purpose of this report is to describe the accident and analyzed the causes and circumstances leading up to the incident. It includes reference to some relevant legislation and a summary of findings and recommendation of the Buncefield Major Incident Investigation Board regarding the responsibility and liability of operators and other agencies for the incident. 2. The Buncefield Oil Storage Depot IncidentThe tranquillity of that early winter’ s morning of December 11, 2005, was shattered by an initial gigantic explosion closely followed by smaller but still large explosions at the Buncefield Oil Storage Depot in Hemel Hempstead, Hertfordshire (Hertfordshire Fire and Rescue Service 2006, p. 3).
A fire broke out, which spread to more than 20 large fuel storage tanks. Forty-three people suffered minor injuries but luckily, nobody died. The was an evacuation that includes over 2000 people present in the surrounding area. The fire burned for a number of days and destroyed a large part of the plant emitting huge, black clouds of smoke.
The massive quantities of water and foam used for firefighting polluted the surface and ground waters. The fire destroyed the commercial units of 20 companies, with 500 employees, and another 60 buildings of companies, employing 3,500 people were damaged. The accident also causes considerable damage to buildings nearby, at least 300 houses also had minor damage.
BMIIB. 2008a. The Buncefield Incident 11 December 2005: The Final Report of the Major Incident Investigation Board Volume 1. Buncefield Major Incident Investigation Board. The Office of the Public Sector Information, U.K.
BMIIB. 2008b. The Buncefield Incident 11 December 2005: The Final Report of the Major Incident Investigation Board Volume 2. Buncefield Major Incident Investigation Board. The Office of the Public Sector Information, U.K.
BMIIB 2007, Explosion Mechanism: The Advisory Group Report. Buncefield Major Incident Investigation Board. The Office of the Public Sector Information, U.K.
Hertfordshire Fire and Rescue Service. 2006. Buncefield: Hertfordshire Fire and Rescue Service's Review of the Fire Response. The Stationery Office, U.K.
Postol Ion. 2008. Risk Assessment as a Basis for the Forecast and Prevention of Catastrophes. IOS Press, Netherlands