Tier 3 Spill

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Dictionary Says

Definition of 'Tier 3 Spill'


One of the three levels of oil spills as categorized by the International Petroleum Industry Environmental Conservation Association (IPIECA). Tier 3 spills are the most severe; they cannot be contained with the resources of the producing company and require substantial external resources to deal with them.


Investopedia Says

Investopedia explains 'Tier 3 Spill'


The IPIECA has defined the three tiers according to various characteristics. Tier 3 spills usually require resources from stockpiles of national or international cooperatives. In most cases, these co-ops will be subject to governmental control.

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