11092 Managing Strategy

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MBA

Managing Strategy

11092

Strategy Development in the Global Oil, Gas and

Petrochemical Industry

Case Study

Submission Date:28/09/2009

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CONTENTS

1.EXECUTIVE SUMMARY4

2. RESEARCH OBJECTIVE...4

2.1.This research aims at achieving the following objectives.4

2.1.1.Aims and Objectives.4

3. METHODOLOGY5

4.THE IMPORTANCE OF THE GLOBAL OIL, GAS AND PETROLEUM INDUSTRY..5

5. BRITISH PETROLEUM .6

5.1. BP main brands...6

6.ROYAL SHELL..7

PART-I

7.CORPORATE GOVERNANCE...8

8.VISION AND MISSION STATEMENTS9

8.1.1.Vision for BP.9

8.1.2.Vision for SHELL.9

8.2.1. Mission for BP.9

8.2.2.Mission for BP10

9.STRATEGY FOR BP AND SHELL..10

9.1. Strategy for BP10

9.2.Strategy fro SHELL..10

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1109210.BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY...11

10.1. BUSINESS ETHICS..11

10.1.1. An example for ethics from SHELL12

10.1.2.Another example for ethics from BP.12

10.2.CORPORATE SOCIAL RESPONSIBILITY.12

10.2.1.CSR BENEFITS..15

PART-II

11.Mergers.16

12.Acquisitions...16

13.Alliances16

14.EXPAND INTO NEW MARKETS16

14.1 ROYAL DUTCH SHELL16

14.2. British Petroleum...17

PART-III

15.Motivation.19

16. Types Of Motivations..19

16.1. Extrinsic.19

16.2 Intrinsic...19

16.3. Seven Rules of Motivation19

17.Recommendations.20

18.References..21

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1109219. Bibliography..24

1.EXECUTIVE SUMMARY

Prior versions of the case have been used to teach various subjects, including industry analysis,

competitive dynamics, and vertical integration. While this case tries to incorporate some of the essential

elements about the history of competitive dynamics and the historical patterns of vertical integration the

primary teaching purpose of this case is to carry out a critical analysis and evaluation of the strategies

adopted by global oil, gas and petroleum suppliers.

Global price of the gas and oil recently reached top and appear to be declining in the midst of growing

demand for crude oil, gas and petroleum products by both developed and developing economies. China

and India are amongst emerging markets, recording the fastest growing consumption rates for oil, gas

and petrochemical products. Energy companies such as British Petroleum (BP), Shell, Mobil and Total

have diversifyed their products, nonconventional fuel sources become more price competitive, and

alternative fuels are gaining interest. Recent investment in liquid natural gas and ethanol are rapidly

growing. Strategic Alliances, Mergers and Acquisitions (M&A) activities will probably increase as

companies with large cash balances look for access to supply, or expansion into new markets

(PriceWaterHouseCoopers, 2008).

2. RESEARCH OBJECTIVE

2.1.This research aims at achieving the following objectives:

Objectives are more generally acceptable to the research community as evidence of the researchers

clear sense of purpose and direction. Research objectives are likely to lead to greater specificity than

research or investigative questions (Saunders, 2007). In order to achieve this aim the following

objectives have been identified: Strategy Development in the Global Oil, Gas and Petrochemical

Industry.

2.1.1.Aims and Objectives

The target of this research is to identify and discuss how British Petroleum (BP) and Shell addressed

the following challenges; Corporate Governance issues, Vision and mission statements, Business ethics,

Corporate social responsibility issues,it is also based on critical competitor analyses using appropriate

analytical techniques. Critically evaluate and discuss how British Petroleum (BP) Plccontinues to look

for access supply and/or expand into new markets and the strategic options available to BPs Group

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11092C.E.O. Tony Hayward to achieve his aim of making British Petroleum a easy and more efficient

organisation with a focus on improving employee behaviour and embedding a high-performance culture

by the year 2012

3. METHODOLOGY

In this research, lots of methods were used to find out information about ,British Petroleum(BP) and Shell. British Library, London School of Economys Library and school library were

visited and collected data. In addition, Financial Times and The Times Newspapers, The Economist,

Shell Global, British Petroleum Plc, Tota were searched worldwide by online.

4.THE IMPORTANCE OF THE GLOBAL OIL, GAS AND PETROLEUM

INDUSTRY

The world economy is the main part of energy consumption. It could be easy to forget that by the middle

of 2008, the economy kept going to grow. When we look the past, last year represented the end of one of

the strongest periods of economic growth ever recorded. However, the economy had already started to

slow, most likely not unrelated to the high price of energy, and the financial crisis in September then

triggered a sharp recession with vital implications for global energy consumption. (Tony Hayward

Group CEO, June 2009)

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5.BRITISH PETROLEUM

William Knox DArcy discovered oil in may 1908 and the first oil company was established in 1935,

the name of Anglo-Iranian Oil Company. In 1954 Anglo-Iranian Oil Company became British Petrol.

(W.Ferrier,1982)

William Knox DArcy

In the mid 1990s BP was the fourth largest oil company in the world and the largest in the GB, with

1995 revenues of $57 billion. Between 1980-1990s company had difficult days because of the failingoil prices and in 1992 company lost $811 million which its first financial loss in eight decades. But

after this loss company had five successful years and in 1997 company earned $4.62 billion on total

revenues of $71.27 billion. This was the proof of excellent management ability. (Jeffrey Pfeffer, Robert

I.Sutton 1999)

William Knox DArcy discovered oil in may 1908 and the first oil company was established in 1935,

the name of Anglo-Persia Oil Company. In 1954 Anglo- Persia Oil Company became British Petrol. (J.H. Bamberg, 1994)

5.1. BP main brands ;

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6.ROYAL SHELL

Royal Dutch Shell began in the 1800s as two separate companies, Royal Dutch and the Shell Transport

and Trading Company. Henri Deterding formed Royal Dutch in the Netherlands as a company that

received a royal charter from the Dutch government to explore Asia during the 1890s. Marcus Samuel

began Marcus Samuel and Company in 1833 selling antiques and exotic seashells in Britain. In 1890,

Samuel broadened its interests into the kerosene market developing in Russia. In 1891, Samuel signed a

nine-year contract with the powerful Rothschild family to buy oil.The Rothschilds were of German

descent but had built their wealth in France. Through this arrangement Samuel began to tarsport

kerosene from Russia to Asia. In 1897, he formed the Shell Transport and Trading Company. With its

fleet, its markets, and its capital, Shell appeared much stronger than Royal Dutch. In order to solidify its

position, Shells owner, Marcus Samuel, made an extraordinary deal with Gulf Oil. The contract stated

that Shell would buy almost half the companys production and take it to Europe. Unfortunately for

Shell, the deal soured when Spindleton dried up in 1902 and Gulf could no longer meet Shells

demands. Having lost its supply oil,Shell realised the value of working with Royal Dutch instead of

competing, and so they merged into one company in 1907. Since the merger, Royal Dutch/Shell has

developed into an astoundingly successful oil company with operations all over the world. During the

second half of the twentieth century, Shell expanded its operations through discovered of major oil fields

in place such as the North Sea and Nigeria.

Marcus Samuel

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PART-I

7.CORPORATE GOVERNANCE

Corporate Governance is a part in economics that investigates how to motivate/secure efficient

management of corporations by the use of incentive mechanisms, such as contracts, organizational

designs and legislation. (Mathiesen, 2002)

BP has a strategic partnership in Russia and Ukraine which created bye British Petroleum and Alfa,

Access, Renova on first of September 2003. This joint called TNK-BP and today TNK-BP is the 3rd

largest company in Russia in oil reserves and production.

The strategy of TNK-BP to identify corporate governance and achieve their goal to be world class

Russian oil company.

Shell is originated British and Dutch company which provide natural gas petroleum and other petrol

products. In 1907 Dutch petroleum company and British transport company ltd. merged and Royal

Dutch Shell Group was established. This merger established in February 1907 with Dutch company

taking %60 of earnings and British company Shell Transport %40.

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11092British parent company shell were merged and have the advantage and disadvantage for the corporate

governance structure but it is better to use Dutch corporate governance structure because of the

companies aim becomes number one in the world on petroleum. Thus Royal Dutch Petroleum

Companys structure of corporate governance is better to use for the British company Shell of the future.

8.VISION AND MISSION STATEMENTS

Vision is a picture of that is the company wants to be or reach in a point therefore they identify their aim

and company objectives. Mission is the firms behaviours and actions through to companys goal and

more focusing than its vision. In addition company mission is specifying the company that aim to

complete the tasks and serve the customers .( Robert E. and Hoskisso)

On the other hand according to Adrian Payne business vision is a process of the companys strategy on

to companys vision. This vision is reflecting the values , beliefs and aspiration of the organization.

Companys strategy and objectives are done to considering the business vision and mission. (Adrian

Payne )

Vision : Statement about a companys Long-term direction

8.1.1.Vision for BP :

it is to be number one in the world as a service or as a provider of clean energy. BP is also trying to

create new energy sources and especially to lead to use of clean-energy.

8.1.2.Vision for SHELL:

it is to be world-class, safely distribute the energy and to improve continuously.

8.2.1. Mission for BP:

It is to be the best competitive corporate, to improve quality, to be open all new ideas and innovation

from the employees and other people, to develop new sources about clean energy, to comply the all rules

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11092and regulations to the groups and employees have to be aware of them and to have continuously

improvement to setting the target and achieve it through to encourage the employees.

8.2.2.Mission for BP:

it is to make difference with employees who work professionally and offer the customers good value.

9.STRATEGY FOR BP AND SHELL

9.1. Strategy for BP :

Our strategy is focused on identifying specific threats and opportunities for the BP group (Justin

Adams, director of strategy and ventures in BP Alternative Energy)

9.2.Strategy fro SHELL :

Consistent view of industry landscape

More upstream, profitable downstream

Capital discipline, portfolio approach

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10.BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY

10.1. BUSINESS ETHICS

In the past few years, many newspapers and magazines have reported on ethical problems in business.

The term ethics is generally used to refer to the rules or principles that define right and wrong conduct.

Why it matters: What does a company like BP mean by "being ethical"? Well, our definition has a

practical focus but it's underpinned by a belief in honesty, respect for others, integrity and transparency -

moral values in other words. (Stewart Broome, Business Ethics Director of BP, 11 February 2003 )

Business ethics have been defined by Ferrell and Fraederich,1991 as standards and principles that

guide behaviour in the business world.

Types of Managerial Ethics

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1109210.1.1. An example for ethics from SHELL:

Nine leaders of the Ogoni family were killed. 10 November 1995

Shell knew that the charges against us were not rigt. And shell were confident that the evidence would

have shown this that our company was not responsible for the tragic events of 10 November 1995.

when nine leaders of the Ogoni family were killed, this shocked us all. And Shell wanted others to see

and understand that too. This was not about lawyers winning or losing. Or Shell winning or losing. Our

decision was aimed at helping different factions to talk more effectively to each other and to Shell and

to help move along the vital reconciliation process. We are supporting a UN-led survey of Ogoni land to

meet environmental concerns. We have promised to clear up any damage from oil spills, whatever their

cause.

Ultimately I hope to see oil being produced in Ogoni land again one day. This time bringing economicopportunity and better livelihoods, not bloodshed. (Malcolm Brinded - executive director of Royal

Shell, Wednesday 10 June 2009,Guardian)

10.1.2.Another example for ethics from BP;

One of the biggest oil multinational, BP, has a zero-tolerance approach toward facilitating payments.

Other companies have a more nuanced approach. Employees of BP, will not authorize or give payments

or gifts to government employees or their beneficiaries or anyone else in order to obtain or retain

business. Facilitating payments to expedite the performance of routine services are strongly discouraged.

10.2.CORPORATE SOCIAL RESPONSIBILITY

There is no single definition of social responsibility but it can be said as acting with concern and

sensitivity, aware of the impact or the disadvantages of the action to the others. It is generally to be

understood to include the obligations of a business to protect the interests of its customers, employees,

suppliers, and the general public. Social responsibility goes beyond the firms relationships with their

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11092customers, includes the areas of environmental protection, consumerism, support for education,

compliance with governmental regulations, response to community needs and firms contributions to the

community organizations. Besides of business and government, activist group and local communities

can also associated with social responsibility. Different entities have different responsibility, for

example a state has to ensure the citizens civil right and the business organizations should concern with

human rights of their employees.

Source : Shell Media Presentation,March 17 2009

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Source : BP Environmental and Social Report,1998

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Figure 10.2.1. How Stakeholders can negatively affect Company Reputation.

Source : Gardberg, Barnett, 2000, Cited by Testa M.(nd) CSR & Reputation Risk

10.2.1.CSR BENEFITS

1. Getting license to operate from key stakeholders not just shareholders

2. Enhanced reputation and brand value

3. Increased efficiency in operations

4. . Increased Sales and Customer Loyalty

5. Increased Ability to Attract and Retain Quality Employees

6. Innovation in market and product development through cooperation with local communities

Threat of Boycott

ACTIVIST

CUSTOMERS

REGULATORSEMPLOYEES

COMMUNITY

REPUTATION

OF COMPANY

Threat of illegitimacy

Threat of Volatility

Threat of

Legal Action

Threat ofDefection

Threat of badexposure

Threat of roughBehaviour

Threat ofDisinvestment

MEDIA SHAREHOLDERS

15

INVESTORS

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PART-II

In todays competitive world, for any company, it is getting harder to achieve leadership position and

stay on top. Hence, companies tend to focus on inorganic (external) growth rather than organic growth

when it decides to expand its existing operations quickly. Generally, there are three forms of inorganic

growth Mergers, Acquisitions and Alliances.

11.MERGERS

In a merger, two same size frms, agree to establish a new entity with the goal of floating a company that

is worth more than the sum of its parts. Two of the companiesstocks are surrendered and instead newcompany stock is issued in its place.As an example, two of them Daimler-Benz and Chrysler ceased to

exist post merger, and than a new company christened, Daimler-Chrysler, was created. A merger

involves the mutual consent of two equal companies to combine and become one entity.

12.ACQUISITIONS

Although it seems to be synonymous with merger, it differs slightly. When a company

purchases another company and establishes itself as the owner of the company, it is called anacquisition. Here, the purchased company ceases to exist and the buyers stock continues to be traded.

13.ALLIANCES

Generally, strategic alliances are arrangement or cooperation or partnership between two or more equal

companies. They put theirself together for a set period of time to achieve mutual goals through

collaboration. In a strategic alliance, capabilities, resources, and core competences are combined or

shared to pursue mutual interests. Strategic alliances allow the businesses to gain competitive advantage

through access to a partners resources, including markets, technology, capital and human

resources.Nearly two-thirds of fast-growing companies are involved in strategic alliances.

14.EXPAND INTO NEW MARKETS

14.1 ROYALDUTCHSHELL

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11092Shell is largest developers of wind energy in the world. In 2006 Shell invested in a major new project at

Mount Storm in West Virginia, USA. Shells first offshore wind farm, Offshore Windpark Egmond aan

Zee, off the Dutch coast, began producing electricity from 36 turbines with a capacity of 108 megawatts

(Shell interest 50%), enough to power more than 100,000 homes. Shell is involved in the potential

development of the 1,000 megawatts London Array Project. If permits are received and the project is

executed, it could be the worlds largest wind farm. Shell is also exploring possible projects in China.

Shell interests in solar power took a step forward during the year when Shell joined with glassmaker

Saint-Gobain to develop next-generation CIS thin-film solar panels. In November the joint venture,

AVANCIS GmbH, began building a 20 megawatts plant in Germany to manufacture thin-film panels, a

technology Shell believes will drive down costs and unlock the potential of solar power.

Hydrogen is another potential source of cleaner energy. Shell is investing in research and development

which aims to make hydrogen a safe, efficient and practical alternative fuel.

Shell has demonstration projects in Asia, North America and Europe and Shell is working on ways of

expanding retail outlets. In 2006 Shell announced one of the biggest plan in the world to help create the

largest hydrogen public transport project in Rotterdam.

Excellent progress was made in the first year of operations at the Nanhai petrochemicals complex in

China in 2006, a joint venture with the China National Offshore Oil Corp (Shell interest 50%).

Completed on time and on budget, it is an operational and commercial success and provides an

important presence in this expanding market. The complex began commercial production at the end of

the first quarter and during 2006 sold 1.9 million tonnes of chemical products to more than 800

customers in over 20 provinces in China. When operating at full capacity Nanhai will produce 2.3

million tonnes of chemicals a year for the domestic Chinese market.

Motiva Enterprises (Shell interest 50%), continued progress with plans to expand the Port Arthur

refinery in the USA.Plans to expand Shell Port Arthur facilities would create the largest refinery in the

USA.

14.2. British Petroleum

BP Solar is trying to expand its annual cell capacity from 55 Mega Watt to 300 Mega Watt. In March,

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11092DCT technology is relatively new.Today about 5 miilion litres of DCT fluid is used worldwide per year.

In 2015 it will have grown to %50 million litres per year.BP intend to stay in this new market and

increase its market share.

BP should focus specially on three of these technologies

Cleaner high performance fuels

Purifie terephthalic acid production

The field of the future

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PART-III15.MOTIVATIONMotivation: From the Latin verb movere (tomove).

Motivation is the process whereby goal-directed activity is instigated and sustained.

The wants ,needs, and beliefs that drive anindividual.

Figure: Three Elements of Motivation

16. TYPES OF MOTIVATIONS

16.1. ExtrinsicBonuses Use of company car

Gift certificates

Client outings

Training opportunities

16.2 Intrinsic Are specific to individual

Personal satisfaction

Cultural and religious

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16.3. Seven Rules of Motivation

1 Set a major goal, but follow a path.

2 Finish what you start.

3 Socialize with others of similar interest.

4 Learn how to learn.

5 Harmonize natural talent with interest that motivates.

6 Increase knowledge of subjects that inspires.

7 Take risk.

17. RECOMMENDATIONS

How does BPs Group Chief Executive Tony Hayward achieve his aim of making BP a simpler

and more efficient organisation with a focus on improving employee behaviour and embedding

a high-performance culture by the year 2012 ?

He should set about making his own mark on the group through his dynamic leadership and his

desire to reduce complexity. His clear focus should be on safety, people and performance. GroupChief Executive of British Petroleum Tony Hayward should designe to make British Petroleum

more efficient and a simpler organization, with a focus to improve behaviours throughout the

business by embedding a high-performance culture.

Safe environmental conditions must be available to all of BPs employees

BP should use to manage environmental, social and ethical risks, and of the process of

assurance BP should use to ensure employeess actions match the standards BP has set.

Companies must incorporate their social obligation with the need to earn profits. Meeting the

societys expectation may be expensive but it will worth with the companys goal to gain profits.

Companies which are consistent in fulfilling their social responsibility may bring themselves to

be as one of the members of the community that may attract loyal customers for the good image

they have. Doing social obligation will not turn profit seeking businesses into charitable

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11092organization. Practicing social responsibility may leave positive impact on profits as they can

convince more customers and remain stable in business world.

18.REFERENCES

MALCOM M.,2001. Royal Dutch Shell: Global Companies In The Twentieth Century. 1stEd.: Routledge

MICHAEL B., 2001. Business Ethics. Paper ed. Marymount University: Prentice Hall

TOYIN F., and ANN G., 2005. The Politics of the Global Oil Industry. Hardcover. :

Greenwood Publishing Group

JAMES B.,2000.The history of the British Petroleum Company. 3 rd. Ed. U.K.:CambridgeUniversity Press

PETER T., 2007. A Thousand Barrels a Second: The Coming Oil Break Point and theChallenges: Paperback Ed.:US, McGraw-Hill

PROCTOR,T.,2000. Strategic Marketing. London: Routledge

ISOBEL, D., AND ROBIN, L., 2001.International Marketing Strategy. 3rd ed. Italy: G.

Canale & C.

RANDALL, S., SCHULER, and SUSAN, E., J., 2007. Strategic Human Resource

Management. 2nd. Ed.: Wiley-Blackwell

The Effects of Oil Shocks on the Economy: A Review of the Empirical Evidence.

Available onlineat:[Accessed (25/09/2009)]

Past oil prices shocks: Political background and economic impact, evidence from threecases by Pascal Ditt and Dr Peter Roell. Available onlineat:

[Accessed (25/09/2009)]

Analysis of the Impact of High Oil Prices on the Global Economy (International EnergyAgency) May 2004. Available onlineat:

[Accessed (25/09/2009)]

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Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Acessed (07/08/2009)]

Social Responsibility. Available online at:

[Accessed (07/08/2009)]

BP (2007) Statistical Review of World Energy 2007. Available online at:

[Accessed (10/08/2009)]

BP (2008) Statistical Review of World Energy 2008 .Available online at:

22

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11092[Accessed (10/09/2009)]

British Petroleum Reports. Available online at:

[Accessed (9/09/2009)]

History of the Royal SHELL. Available online at:

[Accessed (16/09/2009)]

Mission Statement. Available online at:

[Accessed (16/09/2009)]

Business Ethics In Practice. Available online at:

[Accessed (16/09/2009)]

SHELL (2007) Shell Annual Reports. Available online at:

[Accessed (16/09/2009)]

SHELL (2009) Shell Media Presentation. Available online at:

[Accessed (16/09/2009)]

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19. BIBLIOGRAPHY

BP (2007) Statistical Review of World Energy 2007. Available online at:

[Accessed (10/08/2009)]

BP (2008) Statistical Review of World Energy 2008 .Available online at:

[Accessed (10/09/2009)]

British Petroleum Reports. Available online at:

[Accessed (9/09/2009)]

History of the Royal SHELL. Available online at:

[Accessed (16/09/2009)]

Mission Statement. Available online at:

[Accessed (16/09/2009)]

Business Ethics In Practice. Available online at:

[Accessed (16/09/2009)]

SHELL (2007) Shell Annual Reports. Available online at:

[Accessed (16/09/2009)]

24

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SHELL (2009) Shell Media Presentation. Available online at:

[Accessed (16/09/2009)]

The Effects of Oil Shocks on the Economy: A Review of the Empirical Evidence.Available onlineat:

[Accessed (25/09/2009)]

Past oil prices shocks: Political background and economic impact, evidence from threecases by Pascal Ditt and Dr Peter Roell. Available onlineat:

[Accessed (25/09/2009)]

Analysis of the Impact of High Oil Prices on the Global Economy (International EnergyAgency) May 2004. Available onlineat:

[Accessed (25/09/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

Social Responsibility. Available online at:

[Accessed (01/08/2009)]

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Social Responsibility. Available online at:

[Acessed (07/08/2009)]

Social Responsibility. Available online at:

[Accessed (07/08/2009)]

MALCOM M.,2001. Royal Dutch Shell: Global Companies In The Twentieth Century. 1stEd.: Routledge

MICHAEL B., 2001. Business Ethics. Paper ed. Marymount University: Prentice Hall

TOYIN F., and ANN G., 2005. The Politics of the Global Oil Industry. Hardcover. :Greenwood Publishing Group

JAMES B.,2000.The history of the British Petroleum Company. 3 rd. Ed. U.K.:CambridgeUniversity Press

PETER T., 2007. A Thousand Barrels a Second: The Coming Oil Break Point and theChallenges: Paperback Ed.:US, McGraw-Hill

PROCTOR,T.,2000. Strategic Marketing. London: Routledge

ISOBEL, D., AND ROBIN, L., 2001.International Marketing Strategy. 3rd ed. Italy: G.

Canale & C.

RANDALL, S., SCHULER, and SUSAN, E., J., 2007. Strategic Human Resource

Management. 2nd. Ed.: Wiley-Blackwell