Corporate Responsibility and Governance Assignment
6 Pages1877 Words113 Views
Added on 2020-05-28
Corporate Responsibility and Governance Assignment
Added on 2020-05-28
ShareRelated Documents
Running Head: Corporate Responsibility and GovernanceCorporate Responsibilityand Governance
Corporate Responsibility and Governance 1“Gulf of Mexico Oil spill issue and ethics related to the case”The purpose of this task is to provide a brief overview about the BP oil spill Mexico. The issueethically harmed the environment and the stakeholders. So, in response to that the essay talksabout the issue which the companies and the environment because of the deep-water horizon oilspill. Further it shall be noted that not only in monetary term but the spill also ethically hamperedthe growth of the environment. More details about the issue, it cause, measures to rectify themare discussed below: Initially talking about the BP oil spill it shall be noted that this issue is related to oil and gasindustry. In early 2010, particularly on 20th April, the deep-water oil platform which is locatednear Louisiana coast was affected by a disastrous event. The Deep-water horizon is owned andoperated Transocean and oil company BP. This oil spill is regarded as the biggest oil spill of alltime did major destructions. Deepwater Horizon was a semi-submersible 10 years old drilling rigwhich used to operate its activities 10,000 feet deep in water. It was built by a South Koreancompany Hyundai and was owned by Transocean. The rig used to drill 18,360 feet below the sealevel (BBC, 2017). Further the explosion occurred around 9:45 CDT on 20th April 2010, when high pressuremethane gas from the drilled well got expanded into the drilling riser and then suddenly itresulted in drilling rig. Ultimately compulsion all these gases and activities resulted in explosionin the oil spill and engulfed the platform. Eleven workers of the companies faced death andseventeen workers were adversely injured because of the explosion. Later the oil horizon sank inthe sea on 22nd of April. This activity later adversely affected the state of the nature. The oil spillgot attracted to the offshore as well. Thus it is regard as the biggest marine oil spill of all time. asit got displaced in various part of gulf of Mexico. Further it is regarded as the biggest oil spillbecause the volume to which the oil got dispersed in sea and offshore is massive, 68,000 squaremiles of ocean got affected with this spill and 330,000 gallons of crude was poured in the waterbecause of explosion. Thus, with this above mentioned data it shall be noted that the oil spill andsinking of the horizon poorly affected the environment even more than expected (Jain, Aguilera,and Jamali, 2017).
Corporate Responsibility and Governance 2More than this, the major problem was submerging of oil underwater. Researcher concluded tothis issue that deep plumes of dissolved crude will remain confined to the northern Gulf ofMexico and also the dissolution will highly impact on the flow of oxygen in the environment.Also the stated that this impact will take to recover and will show a long lasting impact on theenvironment. So, the wellhead was finally capped on 15th of July 2010 when the surface of thesea started appearing clear but the subsurface was still there and it started positioning offshoreand on fin silts. Further in the year 2013, more than 460,000 pounds of oil particles were foundin the Louisiana land and it had reached to Tampa Bay Florida as well. Thus, it came clear thatthe effect of such explosion was seen at places in the environment and it can be cleared in justone go. People, companies and government on this cause to keep the environment protected andthe growth is showing at some places as well. This spill also affected different species of theworld that have their livelihood connected to the marine. Thus, it was the major issue of the Gulfof Mexico oil spill. Relating the horizon to stakeholders of the industry it shall be noted that many people areconnected with the issue like companies, people living on offshore, government and the societyon a whole. These entire stakeholders were affected with the impact. Analyzing the impact of oilspill on stakeholder it shall be noted that many species were injured and died because of theexplosion and the corruption in the water. Contaminated water was drunk by the people anddifferent species which made to unhealthy and resulted in deaths as well. Apart from differentspecies, people living in that area were also adversely affected by the issue. Environment gotpolluted because of oil spill due to which people faced difficultly in initiating their day to dayactivities as well. With the unhealthy environment, health of the people living in that area startedgetting depreciated as well. Further these are the impacts of oil spill on the stakeholders of theissue. Apart from that talking about the companies present in the industry were also affected withthe cause as the government started imposing more and more penalty on them and initiating strictcorporate social responsibilities on them. Lastly talking about the stakeholders of the company itshall be noted that the faced difficulty in managing the people environment and companies andissue at the same time, thus resulting to which they faced loss in their resources as well. Alongwith which more ethical practices were initiated by them so as to protect the environmentaldegradation (Rodriguez-r, et. al., 2015).
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Strategic and Sustainable Accounting Report 2022lg...
|12
|2926
|31
The Deepwater Horizon Oil Spill - PDFlg...
|6
|1931
|48
Critical Analysis of Deepwater Horizon Oil Spilllg...
|17
|5200
|121
Oil Spill in Gulf Mexico Essay - PH4140lg...
|8
|2073
|168
Deepwater Horizon Incident: Safety System Failure and Risk Analysislg...
|17
|4285
|99
Corporate Responsibility and Governance- PDFlg...
|9
|2453
|65