Asked by: Alex
British, economic, essay, government, my, oil, Petroleum, write
Jack Decker on Mar 03, 2011
Trades worldwide under the brand name; BP. Anthony Simpson, (1975) identifies it as one of the major oil companies in the world; the so-called ‘Seven Sisters’. It was formed in 1909 to exploit the resources of the oil wells granted to a British investor, William Knox D’Arcy by the Iranian government in 1901. Its’ first oil well was drilled at Masjed Soleyman, which was then refined at Abadan and the first shipment sent out in March 1912.
The British government had the majority shareholding in the company from 1914 to 1980 when all the shares were sold to the public. The company has grown leaps and bounds to an internationally recognized brand operating all over the world. Profitability has been high until the oil spill.
“…its image and its financial prospects were decisively revised by the mammoth oil spill in the Gulf of Mexico caused by the April 2010 explosion of the Deepwater Horizon, a drilling rig BP was leasing,” (BP Plc. February 28, 2011). The company is currently mending the defaced image around the world. This was even more so after a U.S Presidential Panel formed to investigate the matter found out that the oil spill was preventable. The spill took a toll on the company leading to the first financial loss in decades. The company also lost it first ever American-born CEO; Tony Hayword who was replaced by Robert Dudley.
Despite the oil-leak occurrence, the company learnt the lesson the hard way. Despite the financial loss, the company will come out of it unscathed. The ongoing rebranding process and when the world economic outlook improves, the company should be able to survive the catastrophe and revert to profitability.
Anthony Sampson, (1991). The seven sisters: the great oil companies and the world they shaped. Bantam Books.
BP Plc, (February 28, 2011). The New York Times.
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