BRITISH PETROLEUM

Business Strategy of British Petroleum

Business Strategy of British Petroleum

Task 1

Introduction

British Petroleum (BP) is a multinational company (MNC) which is considered to be a leader in the Oil and Gas industry. The head quarter of BP is located in United Kingdom and listed in London Stock Exchange. According to the Fortune Global 500, BP is the 3rd biggest organization of the energy industry and 4th biggest company in the world. This ranking is on the basis of revenue. In addition, company has handsome investment in the bio-fuel and wind energy. Currently, company has 21,800 service stations in 80 countries. From these stations, it produces 3.4 million barrels of oil per day.Vision Statement of BP

The vision of the company is to meet the globally growing demands of energy. In this regard, company is committed to develop, produce and explore the maximum amount of fossil fuels. Company takes special steps to manufacture, process and deliver the best products which are free from carbon. In this way, BP is not only contributing in a green environment, financial framework but also introduce safe and reliable business.Mission statement

BP has a dream to make a difference in the energy business in order to fulfill the energy needs of people in all around the world. BP has extensively invested in the production and manufacturing process as secure, affordable and pollutant free energy reach to the consumers. BP is a progressive entity which believes in the mutual advantage relations with partners and customers. Company is responsible and takes strict actions to avoid damage, accidents and any other harm to the people and the environment. BP is innovative and is continuously working hard to create a better tomorrow through technology and its valuable human resources.Goals and Objective of BP1. The first goal of the company is to extract oil not only from the land reservoirs but also from the sea bed.2. The second goal of the company is make useful and affordable products from the extracted oil. For this, it has sophisticated infrastructure which move oil and gas from sea to land and from land to sea.3. The third goal of company is to effectively manage, and sell these products to the neediest sections of society. In this regard, company takes strategic decisions, innovative packaging technology and marketing personals.4. Like fossil fuels, company wants to be a leader in the renewable technology. It has heavily invested in the wind and bio-fuels.5. Company wants to support the communities and habitants especially where it is doing business.

Issues faced by the BPBusiness Environment

As we know, oil and gas industry requires heavy and sophisticated machinery. Otherwise, it will not be possible to compete globally and meet the legal and environmental requirements. Here issue is that the company requires regular attention to maximize the asset efficiency. Second, records show international oil market always remained volatile and its demand is inelastic (Hamilton 2011). So, company has not only to focus on present operations but also future decisions. Third, there are several incidents in BP stations which ...