Subject :HC2121 Comparative Business Ethics and Social ResponsibilityRead the attached article...

Question

Subject :HC2121 Comparative Business Ethics and Social Responsibility
Read the attached article -"Sustainability challenges in gas and oil industry" , and just answer one question - " How does managing ethical risk in the oil and gas industry related to reducing accidents? "in 700 words, including 3 references.
No need to be formal report form , I will combine other works together.

005_jcf0azo-dw2tt1nb.pdf

Robert · Accepted Answer

How does managing ethical risk in the oil and gas industry relate to reducing accidents?
The oil and gas industry faces numerous sustainability challenges. The severe dependence of 
most of the world’s countries on this industry has caused the oil reserves to decline rapidly. 
Due the high rise in demand, the companies in the oil and gas industry are drilling 
indiscriminately. There have been many accidents and environmental hazards that have been 
brought to light in recent times in this industry. 
Drilling operations have been a major cause of water and air pollution. Extraction activities 
that have been performed under the ocean have caused major oil spills which have damaged 
aquatic life and brought severe criticism to the oil and gas companies. A case in example is 
the Exxon Valdez  oil spill. The spill led to severe environmental damage and proved 
financially detrimental to the companies. Exxon spent more than $2.2 million for clean-up 
and reimbursements, an expense that could have been avoided by taking appropriate risk 
management measures. Studies show that the environment has not even been completely 
restored despite the huge amounts spent on restoration. 
The prime point to be noted here is that despite an accident of this magnitude, the companies 
in this industry did not take special measures to reduce the risks and accidents. The 
explosions caused during drilling by BP proved this. The oil and gas industry continues to 
face the risks of oil spills, explosions and leaks. The fracking technique has also contributed 
to environmental degradation. There are risks of blow outs, fires,

Subject :HC2121 Comparative Business Ethics and Social Responsibility Read the attached article -"Sustainability challenges in gas and oil industry" , and just answer one question - " How does...

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