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Introduction
The world is becoming more globalized daily, especially in business. The world economy has become more interdependent, which means that the economies of different countries are increasingly dependent on each other. This dependence has created a need for companies to operate internationally to expand their business and increase their market share. Many companies have realized this and have expanded overseas, but not all companies can or want to do this. This essay will describe Chevron and other international oil companies, or IOC, based on the Peng et al. article.
Concepts and Challenges of Chevron and Other International Oil Companies
There are many reasons a company would want to expand overseas, but one of the main reasons is growth potential. When a company expands overseas, it opens up new opportunities for growth and expansion that it may not have had when it was still domestically based (Peng et al. 042038). Traditional fossil fuel producers are under increasing pressure to adapt to the changing business environment brought on by the energy transition. The integrated global oil firms, or the peer group, which includes BP, Chevron, ExxonMobil, Equinor, Eni, Repsol, Shell, and Total, are discussed in this study (Peng et al. 042038). Due to their far higher cash levels, managerial abilities, and strategic thinking than the other participants, these corporations have more alternatives accessible to them. These factors also are the main differences between ordinary and international companies. Despite this, such companies as Chevron get more influence from governments of various countries, so they casually involve the opinions of ordinary people in their decisions.
These organizations have been instrumental in helping countries develop their economies through access to affordable fuel supplies. They also pose significant environmental concerns due to their extraction methods used during exploration phases. Consequently, leading governments worldwide try to make efforts towards reducing carbon emissions from fossil fuel consumption by promoting renewable energies such as solar power or wind farms instead (Peng et al. 042038). Governments worldwide recognize this growing threat posed by IOCs, so they have taken various measures to regulate them more closely than ever before. These regulations also include establishing nationalized agencies responsible for overseeing all exploration activities within specific countries’ borders.
This agency works closely with local authorities who oversee all aspects of petroleum development within specific regions, states, and provinces. It also supports local infrastructure projects required during petroleum development phases. The aim behind these initiatives is twofold. Firstly, it is hoped that nationalized agencies will reduce potential conflicts between local populations and multinational corporations working overseas related issues like pollution caused by drilling activities (Peng et al. 042038). The concept of such companies causes this challenge because it is mainly only possible to gather oil with pollution. Secondly, it is hoped that government regulation will help ensure transparency within operations carried out by multinational corporations, ensuring fair business practices from both sides (Peng et al. 042038). This problem is easiest to regulate by the international method because oil production on the water can take place in neutral territories, and the opinion of different states is essential in this matter.
Conclusion and Personal Reflection
This article discusses the challenges and opportunities for oil companies, especially Chevron, from international groups and environmental issues. The essence of such companies is well revealed in work on actual examples and statistics. Although this article is not entirely devoted to the concept of the specific internationally managed company, it does highlight the opportunities for practical improvement in these companies. In addition, the author concludes that IOCs, as the leading peer group have more options to adapt to the new business climate and respond with strategic moves.
Work Cited
Peng, Yun, et al. “International Oil Companies’ Low-Carbon strategies: Confronting the challenges and opportunities of global energy transition.” IOP Conference Series: Earth and Environmental Science, vol. 237, 2019, p. 042038., Web.
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