Bp Oil Spill Globalization - 1062 Words

The 20th of April 2010 will be marked as the worst day in British Petroleum PLC’s history, the day that there was an explosion on the Deepwater Horizon drilling rig whilst drilling in the Gulf of Mexico, killing 11 people and causing devastation to all the surrounding areas. The events of this day affected the global markets and relationships between countries substantially.  ¹Daniels et al. (2009) states that globalisation is â€Å"The broadening set of interdependence relationships among people from different parts of a world that happens to be divided into nations.† and â€Å"the integration of world economies through the reduction of barriers to the movement of trade, capital, technology, and people†. And undoubtedly the disaster has affected†¦show more content†¦The oil spill has been subject to global media coverage. On the 21st of April 2010 news broadcasting companies were broadcasting the news of this oil disaster all over the world. Every day in almost any general newspaper there would be an article based on both the chief executive officer (CEO) of BP and how he planned to solve the disaster or just reporting the disaster again. This is a great example of Globalisation. Due to the improvement of technologies such as the internet/ broadband and other improvements in telecommunications the globe could now receive instant news /coverage about almost anything almost anywhere in the world. Meaning that people are now more aware of what is going on in the world.  ²The drill that was used to drill the well in the first place is an example of trading across continents.⠁ ¶ The drilling contractor that BP used to sort after a new oil rig, Transocean are a Swiss based company and instead of sourcing its production in either the UK, Switzerland or the US – where most of its shareholders reside, or in the UK where the company – British Petroleum – is named after; Transocean chose Hyundai Heavy Industries Shipyard, based in Ulsan; South Korea, as the company to build the oil rig which is valued at $560,000,000 - a contract which will have supported the steel industry in South Korea greatly. 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