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INVESTIGATING WEAK SIGNALS OF FAILURE AND RISK IMPACTS ON OIL AND GAS PROJECTS IN THE UK. CASE STUDY BRITISH PETROLEUM (BP).
Nkwocha Kennedy .C, PGR Student, School of Business Law and Social science, Abertay University Email: k.nkwocha2000@abertay.co.uk introduction
Methods
Investigating weak signals is very essential in every business organization mostly the energy sector, especially during this period of ongoing transition to renewable energy. This piece of work explored those challenges, and macroenvironmental risk factors which may impact on the BP’s strategy as the company is transiting to renewable energy by targeting a low carbon future in every parts of their businesses.
Issuing of semi-structured questionnaire to BP staff working in the risk management section, renewable energy section, and the investment section.
Objectives
Results
Literature review
Analyse the identified risk
Data Triangulation
Mitigate risk Link between risk and weak signals
Simi-structured questionnaire
Company information
Macro-environmental factors, focus on Participants were issued a semi-structured macroeconomics impact on BP transition to questionnaire. renewable energy. Participants were asked not to disclose any sensitive information that may affect the • Future return • Labour • Economic growth The figures above showed the percentage of organization competitive advantage. • Investment • R&D • Collaboration The participants reserved the right to responses based on the feedbacks from the • Demand & supply • Sustainable respondents on each factor. withdraw if they feel uncomfortable. growth Conclusion Renewable energy product prices and Macroeconomic factors affordability were considered as major factors that will impact on the transition Energy Oil price demand BP press process. and supply release The respondents believed that BP strategic BP annual • Oil price volatility • Supply chain collaboration with the UK government and report (2018• High borrowing cost • Affordability 2020) other private investors will increase the • Market value • Reduce CO2 emission • Less oil Semiorganization investment activities and • Local content • More renewables structured encourage economic growth. questionnaire BP remained strategic in reducing CO2 emission in their operations considering Current news on the UK ongoing transition their major business (oil and gas. Previous studies suggested that the impacts to renewable energy, and some information of the macroeconomic factors will from the just concluded COP26 in Glasgow encourage and speed up the ongoing Scotland. transition to renewable energy. Investment
Employment
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