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Ethics Assignment

3373 words - 13 pages

The facts relating to the corporate scandal and how the scandal occurredBritish petroleum (BP) is one of the world's largest private oil and petrochemical companies. The company's main business is oil and gas exploration and development, oil product retail and transportation. The home base is located in London. By the end of 2009, BP has more than eighty thousand employees worldwide, more than 80 countries on six continents is engaged in the production and business operation activities20/4/2010, the oil rig of Deep-water Horizon in the Gulf of Mexico Outer Continental Shelf was sunk by a powerful blast and fire. It killed 11 workers who are working in the well. Millions of oil barriers flew into the Bay per day, (Ranged from 35,000 to 60,000) and large numbers of gas were released more than 86 days. (King, 2010) In US history this is the worst offshore oil spill.The factors that contribute the disaster have been discussed worldwide. BP said the accident was resulted from multiple causes, with multiple companies. Unfortunately the several companies which concerned in the oil spill were targeted by decreasing operating costs and less down the time. From the report of BP oil, it states some risks that cause the disaster. The design for the cement which used to seal the bottom of the well is defective. A "incorrectly judged a success" was made for the seal problem. The workers failed to recognize the first signs of the impending bust-up.The internal management shortage also contribute to the disaster, BP did not have proper controls in order to ensure safety, health and environmental. For the safety perspective, BP did not make the major decisions which sound from an engineering perspective. The main cause is the opaque internal management, with several directors to make decisions. (Sutherland, 2010)The stakeholders involved in the scandal with explanations of how they were affected by the scandalImpact on the customersEstimates suggest that BP could face up to $80 billion dollars in costs, which includes penalties, damages and clean-up costs. (Mouawad & Krauss, 2010) Customers need to pay more in order to cover the extra costs.Impact on the share priceIn the six weeks after the incident, BP got the most severe punishment by the market. BP's nightmare began. The company's share price dropped from $60 to $30. Market value slashed more than a third, with the loss of $77 billion.Impact on the sustainable developmentThere are numerous ways by which the oil spill could affect the surrounding environment. The oil spilling will eventually leads to a "dead zone", and it makes the water with low-oxygen, as a consequence it's hard to survive for the marine life. This oil spill also caused the negative effects on local wildlife. There are eight national park in the region which impacted by the BP Gulf of Mexico oil spill. It contains habitats for numerous endangered animals, including dolphins and several turtle species and sperm whales. In 2010, from April...

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