Tier 2 Spill

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Dictionary Says

Definition of 'Tier 2 Spill'


The second of the three types of oil spills as categorized by the International Petroleum Industry Environmental Conservation Association (IPIECA). A Tier 2 spill is larger than a Tier 1 spill, but is still one that occurs in the area of the producing company's facilities. Tier 2 spills usually require the aid of other companies and resources, including the government.


Investopedia Says

Investopedia explains 'Tier 2 Spill'


The IPIECA has defined the three tiers according to various characteristics. Oil companies may join a co-op with other companies to pool their Tier 1 resources to fight Tier 2 spills. They may go in with other companies to purchase equipment to this end.

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