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The Future of Oil and Gas Industry

   

Added on  2020-06-03

18 Pages4765 Words63 Views
The Future of Oil And GasIndustry

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................2Selection of oil and gas company...........................................................................................2TASK 2............................................................................................................................................22.A. Strategy and Ethos of British Petroleum company.........................................................22.B. Future outlook related to energy provision as well as diversification............................32.C. New technology as well as new frontiers.......................................................................42.D. Corporate social responsibilities.....................................................................................62.E. Attitude towards climate change or carbon collection, storage etc. ...............................6TASK 3............................................................................................................................................9Producing SWOT on the basis of the above analysis.............................................................9TASK 4 .........................................................................................................................................12Providing a concise summary and assessment of the future diagnosis of British Petroleum.12REFERENCES..............................................................................................................................14

INTRODUCTIONOil and gas industry is one of the fastest growing sector in the world which makeshuge contribution in the growth rate of an economy. There are several firms have thegreat presence in this specific segment and provide products like oil and gas to customersworldwide. For the present project, British Petroleum (BP) company is considered whichoperates in the oil and gas as well as energy sector. Further, it is a multinational publiclimited organisation and sixth largest entity in the oil and gas sector. The study showsstrategies and ethos, beliefs, ethics etc. of BP firm. Further, its future outlook, newtechnologies, frontiers as well as CSR activities are critically evaluated in the currentassignment with reference to British Petroleum company. Apart from this, attitude ofselected enterprise towards the climate change and storage are criticised in properdirection. At the end of study, SWOT model is produced which helps to assess strengths,weaknesses, opportunities and threats of British Petroleum firm. 1

TASK 1Selection of oil and gas companyIn the oil and gas sector, several numbers of businesses operate and providerelevant products and service to the customers. In order to complete the present report theBritish Petroleum enterprise is selected which has the great presence across the world. Itis a public limited firm and comes at the sixth largest entity in the oil and gas sector in theworld. Further, its financial position is also strong due to using highly effectual strategiesand tactics while operating in the selected sector. Subsidiary company of BP is Amocoalso has the high level of presence in the market. Apart from this, basic products providedby it are like petroleum, motor fuels, natural gas, aviation fuels and petrochemicals (BPat a glance, 2017). Number of people working in this firm worldwide are 74500 as perthe survey of financial year 2016. TASK 22.A. Strategy and Ethos of British Petroleum companyBeing a multinational as well as sixth largest firm of oil and gas industry, it useswide range of effectual strategies and techniques at the workplace. These help to BP fortaking out required minerals like digging in sea surfaces, refine it and sale up to thecustomers. Along with the strategies, management of British Petroleum is highlyconcerned towards the ethos, beliefs as well as ethics up to the greater extent. The reasonis that, until and unless an enterprise not goes through essential ethics then sometimesaffect adversely (Annual report of British Petroleum 2016, 2017). Therefore, employeesnot give better response and efficiency of them also affected at the greater level.Refreshed strategy incorporated by British Petroleum as of now is 'good for all seasons'in any kind of environment whether it is certain or uncertain. This tactic is used by BPbecause of helping to gain competitive advantages in the world in terms of prices,customer preferences and lower carbon. It uses the cost management strategy which helpsto reduce total cost of refining and selling in the market. Further, considers tactic forboosting up the supply using effectual instruments. On the basis of this, it will become

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