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Legal Settlements: After the Deepwater Horizon oil spill in the Gulf of Mexico, BP faced numerous different legal settlements that were enforceable by court. Many of these settlements were in order to enhance the security of drilling for oil in the Gulf of Mexico. BP worked to solve the federal criminal claims that came from the Oil Spill, and eventually pleaded guilty of 11 felony counts, related to the loss of 11 lives. Lots of other misdemeanor counts under various acts consisting of: the Clean Water Act, Migratory Bird Treaty Act, National Fish & & Wildlife Foundation and numerous more.
Cost-effective Healing Support: Numerous crucial industries in the economy were damaged by the Deepwater Horizontal incident in the Gulf of Mexico. BP invested a fantastic amount of time and money attempting to help the financial recovery in local communities and two really important industries after the oil spill. 2 industries that were affected the most consisted of seafood and tourist. These two markets are extremely essential to today’s economy.
To help repair what BP had actually damaged they used $10 billion to the 2 markets to rebuild themselves after the oil spill. The company provided $1.8 billion alone to the Seafood Compensation Fund. These are really essential markets to the economy, and rebuilding them is crucial.
Restoring Trust: The Deepwater Horizon oil spill gave BP a bad reputation. BP had many commitments that they needed to uphold in the Gulf area and fulfilling these commitments was part of BP’s strategic corporate social responsibility.
BP had to stop worrying about profits and do something to benefit society, and this time the company needed to help fix the coast. The efforts to help the Gulf Coast did not only include cleaning miles of shorelines, but BP also supported research that would help understand the impact of future oil spills. Fulfilling these corporate social responsibilities helped the company restore trust from society.
Technology Advisory Council: BP’s company has a specific group of people in charge of technology called the Technology Advisory Council. This specialized group of people oversees everything that goes into developing new or improved technology. They can regulate how much money goes into each technological department. They also determine the capabilities of the company’s technology. Having this specialized council helps put the company ahead of others because they can make advancements in technology faster and at a more cost efficient rate.
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