Weatherford International Ltd (WFT) a New York Stock Exchange (NYSE) listed company is one of the world’s leading oil and gas field service and equipment providers, its products and services span the oil/gas well’s life cycle, encompassing exploration, drilling, extraction and production of all forms of oil and gas. WFT employs more than 50,000 people and operates in more than 100 countries worldwide geographically segmented into four global regions that cover all major oil and gas-producing areas, North America: Latin America: Europe/West Africa/ Former Soviet Union: Middle East/North Africa/Asia, with four individual headquarters located, Houston, Moscow, Dubai, and Singapore. In addition, the region operations span many international boundaries and communities that dictate certain trading conditions, customs, legal and government regulation, and environmental policies are met.
Legal Environment
“All business activities, from the establishment of the organisation through to the sale of the product to the customer, are influenced by the law.” Worthington and Britton (2009).
Business law mainly consists of employment law, health and safety law, contract law, consumer law, and accounting law. Legal proceedings can be issued through public law and/or private law. Public law is between the state and an offender and encompasses constitutional law, administrative law, and criminal law.
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Essentially it is about how business takes account of its economic, social and environmental impacts in the way it operates – maximising the benefits and minimising the downsides… Specifically, we see CSR as voluntary actions that business can take, over and above compliance with minimum legal requirements, to address both its own competitive interests and interests of the wider society.”
Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin.
In this world today, energy has never been at its finest. Energy resources are used to heat our homes, power our electronics, and save peoples life. Many people are unaware on where some of our energy comes from and the process it undergoes. In 2009, Cenovus Energy became a Canadian oil based company that produces “energy resources the world needs” (Cenovus Energy, n.d.). This company has and continues to heavily make a strong impact on Canada’s oil sands resources and have “conventional oil and natural gas productions” located in Alberta and Saskatchewan (Cenovus Energy, n.d.). With innovating technology, people, and machinery Cenovus Energy has manage to create a strong reputation. With a leadership team of diverse academic backgrounds
Schmitz, A. (2012). The Legal Environment and Business Law (Executive M.B.A. Edition v. 1.10 ed.). [Adobe PDF]. Retrieved from
He analysed types of violations of laws (called decisions) including restraint of trade, misrepresentation in advertising, infringement of patents, trademarks, and copyrights, unfair labour practices, financial fraud and violation of trust. Sutherland’s (1949) findings were outstanding. He found a total of 980 adverse decisions against the 70 corporations. Of the 980, 583 were rendered by courts and 397 by administrative agencies (Sutherland, 1949). Furthermore, of the 70 corporations, 30 were either illegal in their origin or began illegal activities immediately after their origin, and 8 were probably illegal in origin or in initial
1.Douglas Whitman & Charles Gergacz (1994). The Legal and Social Environment of Business, p. 432-438, New York: McGraw Hill, Inc.
Mallor, J. P., Barnes, A., Bowers, T., & Langvardt, A. W. (2010). Business Law: The Ethical, Global, and E-Commerce Environment (14th ed.). New York, NY: McGraw-Hill/Irwin.
Clarkson, K., & Miller, R. (2012). Business law: Text and cases: Legal, ethical, global and
Business must ensure that they are up to date with the current laws and that they
According to the US Environmental Protection Agency, over half of the oil used in the USA is imported. Most of this imported oil is located in the middle east and is controlled by OPEC members. Subsequent oil price shocks and price manipulation by OPEC have cost our economy dearly—about $1.9 trillion from 2004 to 2008—and each major shock was followed by a recession (Reduce). We may never be able to fully eliminate our need to import oil, but we can reduce cartel market control and the economic impact of price shocks by reducing our demand (Reduce). One way we can reduce our reliance on oil is through investing in renewable energy. Solar power, wind power, and hydro power are all forms of energy which come from renewable resources. Unlike oil, solar, wind and hydro electric power is abundant and can be obtained locally.
The oil & gas industry is among the largest industries in the world. The sector generates large revenues and employs a large number of people in order to meet the worldwide demand for energy.
Cheeseman, H., (2013). Business law: legal environment, online commerce, business ethics, and international issues. (8th ed.), (pp. 168-205). New Jersey: Pearson Education.
Business law is that body of law that governs business and commerce, such as regulating corporate contracts, hiring practices, and the manufacture and sale of consumer goods. (www.bitpipe.com/tlist/Business-Law.html)
William O. Douglas said, "Common sense often makes good law." Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.
The environment contributes resources to the organisation only if the organisation returns desired goods and services to it.
As we have discussed, petroleum, natural gas, and its industries are a major factor in our economy. Oil and natural gas’s history, operations, environmental impacts, and present and future challenges demonstrate the importance of these non-renewable natural resources. The exploration of oil will continue to expand through the study of geoscience, engineering, and most importantly, technology. Midstream, containing the main operations of oil and gas, is improving each year in efficient processes for transporting, refining, and storing oil and gas. Despite the numerous challenges that are faced in the petroleum and gas industry, geologists continue to strive to make their operations safer for the environment, but are these efforts enough to save our planet for our future generations?