The detailed story of President Obama’s reaction to the oil spill indicates that in future the oil exploration companies will have to address the risk of environment and ecology. The oil spill has caused BP $450 million so far. Further, the spill threatened coastlines, local businesses and animal habitats, it also created complications for Obama’s energy policy.
Mr Hayward told BBC Radio 4’s program that significant changes to the oil industry should arise from what he called a “transforming event“. He told “I don’t believe it should [result in a ban], in the same way as Apollo 13 did not stop the space program nor have serious airline accidents from time to time stopped people flying.” But he said changes would have to be made to address the risk of such drilling. “I think undoubtedly that this will be a transforming event for exploration and production activities in the deep water of the world, in particular the deep water of the United States,” he said. “You can’t have an incident of this seriousness and not expect significant changes as a consequence”.
What we need to do is ensure that the changes we make address the risk that has occurred here. This has a clear indication that along with the business continuity, the organisation must prepare itself for owning up and take accountability for driving triple bottom line. The careful reading of the above quotes of Mr Hyward reflects that the organisation of BP’s stature was actually not fully prepared. The event of this magnitude, BP was never prepared despite the CSR awareness. The point may be noted that triple bottom line as a concept charters various responsibilities on the Corporate entity. The most of the corporate entities are also taking various initiatives to comply with norms. However, the most of the entities are not indexing their business continuity risk in measurable matrices and create provisions for resources to withstand such Transforming Events.