Deepwater Horizon & Exxon Valdez Case | Oil & Gas Industry
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Added on 2020-02-05
Deepwater Horizon & Exxon Valdez Case | Oil & Gas Industry
Added on 2020-02-05
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Comparative Business Ethicsand Social Responsibility1
TABLE OF CONTENTSExecutive summary..........................................................................................................................3Introduction......................................................................................................................................41. Managing ethical risks in the oil and gas industry.......................................................................42. Comparing the risks in association with BP, Exxon and fracking industry.................................73. Managing the risks within oil and gas industry by aid of ethical leadership...............................8Conclusion.....................................................................................................................................10References......................................................................................................................................122
EXECUTIVE SUMMARYOil and Gas industry involves many hazards and safety issues. A slight ignorance mightlead to the occurrence of unwanted disasters. Something similar happened as the DeepwaterHorizon and Exxon Valdezz where ignorance of the warnings given by other officials led to amassive oil spills. In case of Deepwater Horizon the digging of further wells to relieve thepressure of damaged holes led to further spread of the spilled oil across the sea. Also, the latearrival of Alyeska to handle the situation at Exxon Valdezz clearly shown their unpreparednesstowards the disaster. Also, the natural gas extraction from shale rocks proved to be morebeneficial specially after introduction of EPA's methodologies to control methane emissions. Thereport basically focuses upon the ethical risks involved within oil & gas industry and theirmanagement as well. Furthermore, comparing of the risks associated with the BP, Exxon andFracking industry has been done in terms of providing adequate supply of energy. Also, theimportance hold by the ethical leadership in oil and gas industry has been focused that howeffective skills in this area could lead to proper management of risks in such disasters. So, the Oiland Gas industry needs to imply the principles and ethical values of business in order to meet theday-by-day increasing requirements of the energy.3
INTRODUCTIONIn order for examination of a certain set of ethical principles along with moral issues thatmay come across in the business environment, are commonly referred to as business ethics(Brammer, Jackson and Matten, 2012). However, the social responsibility accounts to be anethical theory under which different individuals perform their civic duties thereby benefiting thewhole of their society. This way a proper balance is established between economic growth andthe betterment of society along with environment.The report mainly throws light upon the Oil and Gas industry with major focus upon thechallenging situations aroused due to the Exxon Valdez spill, Deepwater Horizon Oil rig. Majoraccidents occurred here leading to the worst oil spills ever in history. This incident put a questionmark upon the social and ethical responsibility of the Aleyska and the BP who tried to managethe oil spill but led to further demise of the sea and coastal areas thereby affecting the health ofmany sea species and people residing near these areas (Carroll and Buchholtz, 2014).Furthermore another field has been focused that is the fracking which again is beneficial in termsof natural gas but implementation has many hazardous issues related to it.1. MANAGING ETHICAL RISKS IN THE OIL AND GAS INDUSTRYWith particular reference to the major oil spill incidents at the Exxon Valdez andDeepwater Horizon, the mismanagement by the BP and Exxon authorities have put theirmanagement and staff in a circle of doubts upon their ethical and social responsibility. This sortof mismanagement has led to doubts upon the new developments fracking industry too. This isbasically related to the production of natural gas. Based upon the present scenario, the demand for oil and gas has been increasing rapidly.This stupendously increasing demand has led to more depletion of available oil reserves. Theamount of the available resources is not at all matching with the demands. This has further led toscarcity of resources. Moreover, the oil companies have failed to successfully carry out theirethical duties thereby leading to major environmental mishaps. So based upon the pastexperiences and hazardous occurrences, the authorities at these oil and gas companies need to laytheir focus upon the different methods of managing their responsibilities.4
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