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BRITISH PETROLEUM CASE STUDY
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British Petroleum Case Study
The Deepwater Horizon oil leak, the greatest maritime catastrophe in history has to be in the British petroleum case study, This struck the petroleum industry on April 20, 2010. An exceptional blast was the cause of this disaster, which led to the deaths of eleven individuals. Approximately 780 million litres of crude was released into the ocean five months just after blast and until the official statement of the finalisation of the oil well's sealing, triggering the most significant damages in the United States from an oil catastrophe, not only on the ecosystem, but also on the industry and geographic hospitality. The financial losses BP suffered as a result of this tragedy were very significant. The corporation was dealing with two major crises at the same time: the largest oil leak in US history and substantial operational and financial losses.
On the commercial front, BP shares plunged over 7% on June 25, 2010, to their lowest point in 14 years on the London Stock Exchange. Furthermore, the value of BP's stock market plummeted from $182 billion on April 20 to $89 billion on July 2, 2010. In terms of the business brand, it has fallen not only in the United States, but also around the world. The rating E was then given to BP, the lowest score given by Covalence in a scale used by ethical investors. Moreover, a PR Week/One Poll poll taken approximately a month before the tragedy revealed that the public believes BP has not performed enough to stem the leak. Around one year after the Deepwater Horizon oil spill, the “l2nd Annual Harris Interactive U.S. Consumer Survey” was released. The “Reputation Quotient (RQ) Survey,” (released on May 2 by research firm Harris Interactive, surveyed over 30,000 Americans between December 2010 and February 2011) disclosed that BP was number two from last with a score of 49.82 among the 60 most visible US companies, and reached the conclusion that BP was still regarded as one of the corporations with one of the worst brand equity by Americans. Additionally, there were mounting calls for BP's commodities to be boycotted. By mid-June 2010, the “Boycott BP” Page on face book had grown to around 640,000 members. An unidentified protester has participated in the fun by creating a phoney BP Twitter account named @BPGlobalPR and tweeting out tweets about the Gulf oil leak to the social media platform. BP's account, @BP America, only had 18, 826 followers a month after the incident, whereas @BPGlobalPR had 190,035 followers. Finally, BP was confronting thousands of accusations and litigation from a variety of parties, including fishermen, hotels, restaurants, and non-governmental organisations (NGOs) such as the Animal Welfare Institute (AWI) and other nature conservation and environmental groups. BP mobilised considerable resources and devoted a large deal of attempt to engage with the oil leak, as well as activities and financial damages. The corporation cranked up its communication machinery especially throughout the goal of reducing and even repairing reputational damage. Meanwhile, crisis coordination and management professionals disagreed on whether BP communicated with its clients effectively or miserably during the crisis.
History Of British Petroleum
The Anglo-Persian Oil Company, currently known as British Petroleum (BP), was founded on May 26, 1908, when adventurer George Reynolds hit oil in Persia. After a seven-year period of near-bankruptcy for George Reynolds and his banker, William D'Arcy, the first oil research was conducted. Six years later, in 1914, the Anglo-Persian Oil Industry appeared to be on the edge of bankruptcy, this again due to a lack of buyers (cars were still prohibitively big at the moment) and the difficulty of refining Persian oil. It had a distinct sulphurous stench and couldn't be supplied as kerosene, which was the most common type of oil at the time. The then-Anglo-Persian Oil Company was saved by Winston Churchill, the First Minister of the British Navy, who urged the British Government to accept oil as an energy source for British Naval vessels, according to BP's website.
The British Petroleum trademark was previously held by a Dutch corporation that used it to market its products in the United Kingdom. The corporation and its properties were seized by the British authorities during the conflict and sold to the Anglo-Persian Oil Company in 1917. This provided the Anglo-Persian Oil Company with a “distribution channel in the United Kingdom with 520 terminals, 535 railway tank carriages, 1,102 motor vehicles, four boats, and 650 horses” almost immediately. During the next ten years, kerosene usage was replaced by electricity and gas, and the modern BP widely acknowledged itself in Britain and Europe's larger markets.
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SWOT Analysis Of British Petroleum Case Study
Amoco, ARCO, BP Express, BP Connect, BP Travel Centre, AM/PM, Burmah Castrol, and other BP affiliates and shopping sites offer the corporation with a broad income stream rather than depending just on its energy sector.
In its oil sector, BP Amoco has a high brand loyalty.
When it can fund research and adjust its approach, the organization has the opportunity to become a leading company in countless different fuel and energy areas. Wind, sunlight, and gas are among the emerging technologies
With its unconventional fuel and energy prospects, BP has the ability to increase into new geographic areas.
If the business does not formalise its corporate social responsibility and place it at the frontline of its strategic plan, climate concerns may continue to be a danger, including modifying work environment security issues to decrease refining eruptions, leakages and drips, pipeline rust, and other environmental hazards.
If the firm does not solve these ecological threats and inadequate safety standards, it will continue to face litigation and penalties, which will have a severe influence on the company's long-term viability.
Political stability and the significance of the oil and gas industry in the infrastructure of the nation.
Military intervention threat
Corruption rates - particularly in the oil and gas sector - are high.
Government bureaucracy and involvement in the oil and gas business.
Underdeveloped financial legislative structure
The Bp Company is under government pressure, particularly in the United States and its international operations.
Participation by the administration in the open sector and financial Oil & Gas issues.
Stock markets and currency stability in the home nation.
In the oil and gas business, equipment performance is better.
In the business, labour costs and efficiency is important
The rate of industrial growth is crucial
According to the Bp Organization's business study, there is a massive competition for oil and petroleum goods in the industry, such that the financial constraint in the United States did not impair the oil industry's market in 2008.
The Bp Company is concerned with three major aspects of society.Business and its effects on society, civil rights, and hosting families and communities are among the components.
From 2005, the company's reputation and valuation have deteriorated, owing to current societal fear of the company's history.
As a result, the corporation has participated in corporate social responsibility as a variable contributing the company's public relations.
It converts the workflow and procedures into the package of the oil company's products and services.
Because the Bp firm has been confronted with an environmental issue, technologies have provided a method of reforming the Bp and oil company's operations in order to reduce pollution levels.
The establishment of the Bp shipping environmental management (EMS) has offered a methodical way to achieving sustainability targets across the corporation and its divisions as a worldwide factor influencing the energy company.
Environmental factors are significant because they are one of the critical problems that the Bp and the oil firm have faced.
The Alaska explosion of 2006 and the accident of the Texas city oil refinery, as well as the more disastrous explosion of the profound oil platform, resulted in a steady flow of millions of barrels of crude oil per day into the ocean.
Bp was deemed liable for all expenditures and losses incurred as a result of the oil leak.
The losses and costs were incurred as a result of hazards to over 400 species and a total cost of $ 2.5 billion to the fishing sector.
These are laws that have an impact on the business, such as labour law, civil rights, and so on. The Bp Company is deemed liable for the loss and damage caused by the Gulf of Mexico oil disaster.
The corporation is responsible for following safety and health regulations, as well as understanding clients of the deep-water horizon disaster.
The oil pollution legislation, enacted in response to the 2010 Gulf of Mexico oil disaster and based on Judge Carl Barbier's gross negligence, has compelled British Petroleum and Oil Company to comply with its legal obligations.