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Understanding business ethics- BP and the Gulf of Mexico oil spill

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Introduction

BP Oil Spill in Gulf of Mexico BP (British Petroleum) is a global oil and gas company headquartered in London, United Kingdom. It is the fourth-largest energy company in the world measured by revenues and one of the six oil and gas "supermajors". It is vertically-integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has major renewable energy activities, including in biofuels, hydrogen, solar and wind power. BP operates in over 80 countries, produces around 3.8 million barrels of oil equivalent per day and has 22,400 service stations worldwide. Its largest division is BP America, which is the biggest producer of oil and gas in the United States and is headquartered in Houston, Texas. Throughout this report I will be discussing the BP oil spill off the Gulf of Mexico this was a global disaster in 2010 it was an oil spill that occurred in the Gulf of Mexico as a result of the explosion and sinking of the Deepwater Horizon oil rig. The rig was owned by an offshore drilling contractor, Transocean, and was leased to BP for exploration of the Macondo Prospect, an oil field off the coast of Louisiana. Due to extensive damage to the wellhead and the depth at which the damage occurred, BP was unable to stop the flow of oil for several months. ...read more.

Middle

As a result of the disaster, CBD has already petitioned the U.S. Environmental Protection Agency (EPA) to add the Bluefin Tuna to the endangered species list. Assistant Professor Michael Blum of Tulane University's Department of Ecology and Evolutionary Biology warns that some species may be at risk of extinction after the affects that have occurred from BP's oil spill. Researchers at Oregon State University are finding elevated concentrations of 'carcinogenic chemicals' in the Gulf of Mexico as they investigate the lasting impacts of the BP oil spill. This is a concern for anyone who eats Gulf seafood. The chemicals accumulate for years in invertebrates. This raises concerns about the long-term safety of seafood specifically, shrimp, oysters, crabs, and other invertebrates. Other chemicals entering the food chain, eaten by fish and seafood harvested for human consumption are also consumed by smaller sea creatures that are more distant links in the human food chain. The purpose of the dispersants was to break up the oil on the surface so it would not wash up onto land. The bottom of the Gulf has layers of oil. This is harmful for several reasons. Hurricanes come into the Gulf and bring up some of the sediment from the bottom of the Gulf and bring more of that crude onto the shoreline into the Louisiana marshes. ...read more.

Conclusion

This has a positive outlook for the business and it means they are gaining trust and people they do business with are not being kept in the dark on what is happening. Overall I believe I have put across how BP aim to improve their corporate responsibility and ways in which they make sure they are doing the right things and using correct methods when dealing with business partners. Responsibility is more than just about the community. BP does not see their community investment as something separate from the core aims and objectives of the business. The investment benefits communities for example through wages, through taxes and through generating economic activity. It also helps the company in providing business and trust. Ultimately I believe the route to sustainability is simple to describe. It is about running a business that is successful, responsible and plays a beneficial role in society and cares about their actions whilst doing so. Every company that wants to survive has to make a profit. But a company that wants to be different and great also has to make a significant contribution to human progress. I feel there is still a long way to go before BP can say they have the support and trust of the general public after such huge devastation taking part with business they were carrying out in the Gulf of Mexico, but I believe they are taking all the correct strides in doing so. ?? ?? ?? ?? Unit 37 P4/M3 - Understanding Business Ethics 06/12/2011 ...read more.

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