Business Assignment: The British Petroleum Company (Essay Sample)
The British Petroleum Companysource..
The British Petroleum Company
The British Petroleum Company
The company can trace its origins to 1909 when it was founded under the name Anglo-Persian Oil Company (Turner, 1983). It was not until 1935 that it changed the name to Burma Oil Company with the intention of exploring the discoveries of oil in Iran. In 1954 it changed its name for the final time to British Petroleum Company ("Book Review: The History of the British Petroleum Company Volume 2. The Anglo-Iranian Years, 1928–1954The History of the British Petroleum Company Volume 2. The Anglo-Iranian Years, 1928–1954BambergJ.H.Cambridge University Press, 1994639 pages £50ISBN 0521 259 509", 2014).
It was the first oil organization to discover oil in the North Sea. The company has 83,000 employees from 2013 and has been involved in some of the major environmental disasters in history ("BRITISH PETROLEUM COMPANY LIMITEDV.EUROPEAN PETROLEUM DISTRIBUTORS LIMITED", 2008). One example is the Texas oil refinery which exploded in 2005 causing a lot of damage and chaos. The second one is the Deepwater Horizon oil spill that took place in the year 2010. It was the largest spillage of oil into the marine water and over the years has resulted in a lot of environmental consequences. The company was officially formed in 1998 as a major between British Petroleum Company and Amoco Corporation to form BP plc (Wilkins, & Bamberg, 2015). It is the third largest producer of oil and oil products in the world operating in more than 72 countries. It was initially incorporated as an oil and gas company on April 1909.
The analysis of the company
Products and services
It has three major segments which include upstream, downstream and Rosneft. Each segment is assigned a different task, for instance, the upstream segment which is involved in the exploration of natural gas and oil, the development of the field and production together with midstream transportation, processing, and storage. The downstream segment is tasked with the global manufacturing and marketing of products (Michelon, 2013). The Rosneft segment contains hydrocarbons both onshore and offshore. The upstream segment is obligated the duty of marketing and trading of natural gas together with liquefied natural gas (LNG) and power and natural gas liquids (NGLs). The natural gas and oil production assets owned by the company are located both onshore and offshore (Bamberg, 1995). The downstream segment is allocated the task of refining, marketing, manufacturing, transportation and the trading of crude oil and petroleum products alongside related services to retailers and wholesalers. It contains three segments each with a specific role. One is fuels which include refineries, convenience retail businesses, and other aspects that make up the fuels
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