Csr in British Petroleum and Exxon Mobil - 10051 Words

1. INTRODUCTION The energy sector is generally driven by the price of crude oil. Recent trends of reviving global economy, increasing demand for energy, and political turmoil in oil-producing regions, have seen oil prices soar (to more than $55 a barrel in 2004), thus causing industry rebound. Higher prices have reached most of the industry Ââ€" producers, refiners, pipeline companies, equipment makers, oil field service providers, and gas station operators - which have all enjoyed new profits. Leading the charge are the world s largest integrated oil companies: Exxon Mobil, BP, and Royal Dutch/Shell (Yahoo Finance, Industry Profile). British Petroleum (BP) is of one of the world s largest energy companies, providing its customers with†¦show more content†¦Many petroleum companies recognise, for example, that their prospects of gaining new licences or access to new commercial opportunities are significantly enhanced by showing that governments, partners, and suppliers want to work with them on non-financial as well as commercial criteria. With respect to the areas of concern identified above, we can extinguish a number of issues and challenges faced by the companies operating in the energy sector. These issues are of particular importance when considering investing into the oil and gas industry and are likely to be looked at by rational and socially-responsible investors. While it is quite popular to categorise CSR challenges into long-term and short-term ones, such segregation is of little value when talking about the petroleum and gas sector. Due to the specifics of the sector, most of the projects undertaken by energy companies have considerably long duration and thus are faced by challenges bound to last for a long time. Therefore, it can be concluded that most of the CSR issues in the energy industry (or at least the main ones from the socially- responsible investor s point of view) are long-term, thus the companies must work gradually and consistently in order to try to assure the best practise all along. The main challenges to the sector are presented below. 1. Petroleum companies are becoming increasingly more concerned with the question as to whether theShow MoreRelatedSocial, Cultural and Environmental Responsibility of Corporate Business Leaders1482 Words   |  6 Pagesintegrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. 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