Report on Social Responsibilities of the Oil and Gas Industry

   

Added on  2020-04-13

14 Pages4421 Words46 Views
Running Head: Responsible BusinessResponsible Business
Report on Social Responsibilities of the Oil and Gas Industry_1
Responsible Business 1ContentsIntroduction.................................................................................................................................................1CSR practices in Oil and Gas industry..........................................................................................................1Shareholder of Oil and Gas industry............................................................................................................2Deepwater Horizon explosion and oil spill..................................................................................................4Best practices in the industry......................................................................................................................4Ethics related to the case............................................................................................................................7Recommendation........................................................................................................................................7Conclusion...................................................................................................................................................9References.................................................................................................................................................10
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Responsible Business 2Introduction The purpose of this task is to provide an overview of the corporate social responshebilities of thecompany present in oil and gas industry. The report provides the social responsibilities of the oiland gas industry with respect to its stakeholders and shareholders. It also states the Gulf ofMexico issue faced by the industry which degraded the environment. Further recommendationsto the companies are provided with the precautionary measures so that such issues get depleted.Oil and gas industry is majorly related to the environment extraction due to which mishappeningof the company leads to make negative changes in nature. Further details about the task arediscussed below:CSR practices in Oil and Gas industry Corporate social responsibility refers to the duty of all the organization present in thatindustry to initiates the business activities in such a way that it does not harm anystakeholder in the industry. As discussed above it shall be noted that the oil and gasindustry is highly risky and prone to threat industry under which a minor mistake canadversely affect the nature. The initial responsibility of the organization is to recognizeand understand the complexity of the business. With this effect, major problem of theindustry will reduce (Gutierrez-Miravete 2013). Further, in the oil and gas industrymajor work which is performed is the extraction of natural resources from the land. So, itcan be said that work of the industry is involved with nature and environment, so theindustry shall initiate activities with which no person present in the society (suppliers,neighbors, government, and investors) get dissatisfied with the business activity. Also,these activities shall not cause any harm to any person as well. On the part of theindustry, a prior intimation of changes in the system application of organization, priorapproval of stakeholders of the organization, compliance of social and ethical norms etc.are some of the corporate social responsibility which the industry on a whole shall aim tofollow (Berkowitz, Bucheli, and Dumez 2017).
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Responsible Business 3Shareholder of Oil and Gas industryThe shareholders of the oil and gas industry are the companies working in this industry.Talking about two companies working under the oil and gas industry are ExxonMobiland Chevron Corporation. Further, the CSR activities of both the company are discussedbelow:1.ExxonMobil CompanyThe fact shall be remarked that ExxonMobil is renowned as the best company whichunderstands and successfully initiates the corporate social responsibilities. Talking aboutthe corporate social responsibility of the company, the corporate citizenship report statesthe following aspects of the company: The company aims to initiates the sustainability of the managerial activities so asto create a brighter future ahead. The company works to expand the supplies ofreliable and affordable energy for the purpose of economic growth of the wholecommunity (ExxonMobil 2016). Safety and workplace management is another social responsibility which thecompany ExxonMobil successfully manages in the society. As the companyaims to provide personal safety to each and every employee connected to theorganization. The company regularly aims to mitigate the risks associated withthe daily activities of the employees. Also considering the responsibility towards securing the nature, the organizationinitiated climate change risk management strategy. Growth in demand forenergy is a threatening situation for the society as it is depleting the naturalresources. So, the organization is developing solution to reduce the effects ofgreenhouse gases and save the environment (Ahmad, et. al., 2017). Stakeholder of ExxonMobil CompanyThe two stakeholders of the company are government and shareholders of the company.With respect to them, ExxonMobil Company initiated activities of the conservation ofenvironment and protects the community from calamities. The company timely paid therent and taxes to the government to avoid problems. And with regards to the shareholderthe company always gave prior intimation of the extraction related activities. Also theshareholders are interested in the profits earned by the company and the investment of
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