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The world of exploration work on earth is still the base for demonstrating superiority with regard to other countries or companies. British Petroleum is one of such global companies aiming to explore and refine crude oil and gas. There are several questions as to the strategy of this giant providing its services all around the world and building self-motivated staff to produce rival products.
In accordance with the Annual report of BP, the company succeeded mainly in the sphere of cost leadership and following management principles within the employees providing them with a safe and competitive work. “The BP operating management system (OMS) turns the principle of safe and reliable operations into reality by governing how every BP project, site, operation and facility is managed.” (Annual Review 2008 8)
The other done priority was the good demand of the exploration and refining projects as Thunder Horse in the Gulf of Mexico and Deepwater Gunashli in Azerbaijan. As there was a vast output of company’s main competitors, BP still pretends to be a leader in managing late fields of oil and gas as well as in startup of new ones. The year was also rich in exploration works in Algeria, Angola, Egypt and the Gulf of Mexico. The company improved its capability in refining process accordingly to the annual hypothesis from 86 to 89 percent. The main reasons for such success are safety, reliability and capability of the operations which BP implements. It keeps resolving several agreements with international oil companies providing the policy of obtaining new experience and high-level quality of its managerial background.
With oil prices going up and down, the company looks to be flexible in ensuring its competitive status and role in world economy. There are too many reasons for these and today’s crisis still pretends to be of a great significance. World markets are crashing, foreign debts of different countries are growing up faster than this or that country can payback. The consumption of energy resources is still high and until the year 2030 will exceed expectations. Such impulses provoke BP to enlarge and widely spread the area of its interests and the volumes of the oil production too. For this issue is strategic and global in terms of the limitation of extractable resources, BP is sure to provide around 40 years of oil, 60 years of natural gas and 130 years of coal. Great perspectives for further years, using previous experience of exploring and refining concepts of this industry. For this purpose the company planned to invest more than $26 trillion to meet the requirements of the consuming countries.
The price volatility from $144.22 to $36.55 and its slow correction on the level of $55 disintegrated company’s policy of gaining more profit into exploration works around the world. Still, it caused greater emission of the crude product widely among the oil exporters organizations. Because of the oil and gas share between the major producers, the company is flustered by the political instability in key producing regions. It tends to cope with new agreements in this sphere.
As it was mentioned before, capability of suchlike companies is the accelerator of their readiness to meet the challenge of new demands and circumstances within competitors. That is why, during 100 years history of the company and especially last 5 years it makes great efforts to invest more in the field of research and educational background, training and attracting many of the energy experts and professionals in this sphere.
As the international company with wide range of structures, BP’s main steps and factors to be the first are three, namely: safety, people and performance. These objectives are strictly carried out to achieve better results of work annually:
Our present and future are dependent on our people and technology. We intend to invest to build capability in our business, ensuring we have the talent and experience required to meet all our objectives. We also intend to invest in technology to support the delivery of competitive business performance and new business development. (Annual Review 2008 10)
In objective reality BP inspects, provides and invests billions of dollars to perform the highest standards of refining and exploring oil and gas materials giving special emphasis on the work conditions of those who help to produce them, I mean the employees. It is the result of interaction of company’s investors, shareholders, governmental representatives and workers, the symbiosis of whom makes it strong and vital for the economies of various countries of the world.
BP progressed among others companies in number of countries and employees involved in the work process of exploration and refining of gas and oil. At the moment, the company still finds new areas rich in hydrocarbons. Direct commands and cohesion of all its branches help to maintain the whole process of producing oil and gas materials from the finding out of new basins to providing customers with a released product.
The company is focused on reaching its objectives due to the strategy which, as it was said, simply outflow into major principles, among which are: safety culture and financial performance. The growing challenge of responsibility and reliability under the conditions of huge risks in the markets is undoubtedly considered by the board of directors.
Works Cited
Annual Review, BP, 2008.
Ellig, Jerry, and Joseph P. Kalt, eds. New Horizons in Natural Gas Deregulation. Westport, CT: Praeger, 1996.
Ford, Neil. “Asian Companies Target Africa’s Oil and Gas: The Most Noticeable Trend in the African Oil and Gas Sector over the Past Year Has Been the Increase in Investment by Asian Companies. Neil Ford Reports on the Asian Oil Rush in Africa.” New African. 2006.
Friedman, Brian L. “Productivity in Crude Oil and Natural Gas Production.” Monthly Labor Review 115.3 (1992).
Herbert, John H. Clean Cheap Heat: The Development of Residential Markets for Natural Gas in the United States. New York: Praeger Publishers, 1992.
Kramer, Bruce M., and Owen L. Anderson. “The Rule of Capture – an Oil and Gas Perspective.” Environmental Law 35.4 (2005).
Lee, Stephen. “Independent Record Companies and Conflicting Models of Industrial Practice.” Journal of Media Economics 8.4 (1995): 47-61. Questia. 2009.
Netschert, Bruce C. The Future Supply of Oil and Gas: A Study of the Availability of Crude Oil, Natural Gas, and Natural Gas Liquids in the United States in the Period through 1975. Baltimore, MD: Johns Hopkins Press, 1958.
Pariser, David G., and Pierre L. Titard. “Impairment of Oil and Gas Properties; Is a Ceiling Test Needed for Successful Efforts Companies?.” Journal of Accountancy 172.6 (1991).
Waring, Geoff. “The Essence of Corporate Strategy.” Australian Journal of Management 23.2 (1998): 237.
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