BP

Quick Summary

BP’s logo

BP, or British Petroleum (or BP plc), is an oil and natural gas extractor based in London, UK. It is classed as a multinational corporation because of it’s involvement in the oil/natural gas industry in multiple countries around the world.

BP became one of the most controversial corporations following the Deepwater Horizon oil-spill in the Gulf of Mexico in 2011, which became the largest ever oil spill, and the legal proceedings held by the US government produced the largest fine in history, of $4.5bn. The spill was a danger to over 8,000 species of plant and animals and caused a significant drop in tourism revenue in the Gulf. The initial explosion killed 11 people.

Economically, it is the sixth largest corporation in the world, and employs 85,700 people worldwide.

Stakeholder

As an influential MNC, BP has more power than some countries when it comes to global politics. It’s work in extraction of fossil fuels provides oil and gas for many customers throughout the world, making it vital in day-to-day living. Many countries still rely heavily on gas and oil, many of whom import from BP or similar companies (such as Shell or ExxonMobil). It’s main work is in fossil fuels, so would prefer countries to use them rather than switch to renewable energies.

In the 1970’s BP invested in solar power. However, 40 years later, it dropped out of it’s “beyond petroleum” initiative (which involved promoting renewable energies).

Sources

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