How can companies in the oil industry form and implement better crisis management strategies within industrial crises by learning from BP's Deepwater Horizon's oil spill?
Master thesis
Permanent lenke
https://hdl.handle.net/11250/3161499Utgivelsesdato
2024Metadata
Vis full innførselSamlinger
- Master of Science [1684]
Sammendrag
By answering this research question: “How can companies in the oil industry form and implement better crisis management strategies within industrial crises by learning from BP’s Deepwater Horizon oil spill?”; we delve into the aftermath of one of the most significant disasters in the oil industry's recent history. The Deepwater Horizon oil spill, which took place on April 20, 2010, shook the industry to its core as millions of barrels of crude oil were spread into the Gulf of Mexico over 87 days, leaving behind a trail of environmental devastation and economic repercussions.
This research seeks to dissect the crisis management strategies deployed during the Deepwater Horizon disaster and to extract valuable insights that could fortify future crisis responses within the oil sector. It wishes to study the impact of this crisis on the oil industry’s risk and crisis management strategies and to form best practice advice.
It takes a qualitative approach, focusing on a single case study methodology enriched by primary data from expert interviews and secondary data from media reports, official documents, organizational responses, and scholarly literature. Through this lens, the thesis traces the evolution of crisis management strategies in the oil industry and assesses their relevance to the industry's resilience.
The study underscores several critical findings. First and foremost, it emphasises the imperative of risk management—a proactive stance that anticipates and prepares for potential crises before they materialize. Second, effective communication emerges as another cornerstone, both internally within the company and externally with stakeholders and the broader public. Furthermore, the research underscores the pivotal role of stakeholder engagement in crisis mitigation and resolution. Lastly, it advocates for the development and implementation of comprehensive crisis management plans tailored to the unique challenges of the oil industry.
Ultimately, the thesis elaborates on a culture of learning from past mistakes to bolster preparedness and response capabilities within the oil sector. By assimilating the lessons gleaned from the Deepwater Horizon disaster, companies can fortify their resilience and minimize the impact of future industrial crises.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Strategy - Handelshøyskolen BI, 2024