British Petroleum Success Story
BP (British Petroleum)
William Knox D Arcy
BP or British Petroleum is a multinational oil and gas company. The company is headquartered in London, England. By market capitalization, it is the 6th largest energy company. It is also the 6th largest oil and gas company all over the globe. The company is involved in almost all the major operations in oil and gas industry. The operations include petrochemicals, refining, trading, power generation, etc.
BP currently operates in around 80 countries. It produces around 3.2 million barrels per day. It is one of the largest producers of oil and gas industry in the whole world. The company has around 17,000 service stations spread all over the world. The company has some of the stake in the world’s largest traded oil and gas company, Rosneft. British Petroleum is also listed on the London Stock Exchange. There are also the secondary listings of the company as well in Frankfurt stock exchange.
The origin of the company dates back to 1909. It was originally the founding of the Anglo-Persian Oil Company. By 1935, it became the Burmah Oil Company and it was established to exploit the discoveries of oil in Iran. The company became British Petroleum in the year 1954. BP was the first company to strike oil in the North Sea.
The company has also been involved in some of the major environmental incidents in the history. One of the major incidents was the Texas City Refinery explosion in the year 2005. Another incident was the Deepwater Horizon oil spill in the year 2010. It was the largest incident in which the oil was released into the marine water. It resulted in many environmental consequences later on. The company has around 83, 900 employees as of 2013. There are two main business units in the company. One segment is called as Upstream and the other one is called Downstream. The major operations of the company operate in many countries across the globe, including Africa, Asia, Australia, Europe, and North& South America.
The major business segments of the company include oil and natural gas, oil refining and marketing, low carbon energy, etc. The company adopted many major branding techniques, but suffered a serious negative public image after one of the largest environmental incidents occurred due to the giant.
Apart from the success of the company, the oil giant has also seen major breakdowns in its history. It was involved in some of the major air pollutants violations. BP also suffered from the case filed by 95 farmers of Columbia for the damage caused due to Ocensa Pipeline. There were some of the health and safety violations as well. Some of unsafe operations in the company’s refinery in Ohio were also reported and filed.
The environmental incidents have caused some of the major effects on the human health so far. The workers involved in the cleaning process are the most suffered from these incidents.