Qatar Petroleum Security Risk Management
Qatar Petroleum (QP) was established at a time of the fall of the Ottoman Empire and the flourishing of the economic industry when they became the first onshore oil concession in Qatar, following the awarding of the British Petroleum’s forerunner in the country: the Anglo–Persian Oil Company. Since it is the first one in the oil-procurement business, QP has set its foundations and had it strengthened through the years. This for one could be considered as an asset of the company. QP has captured the trust and loyalty of the people of Qatar, and no other oil company may be able to match that. Moreover, the company has established connections in and out of the country, thereby providing insurance for its longevity.
With the global economic crisis looming in the corner, the QP may well be affected by this dreaded scenario. Since this economic crisis greatly affects those with global preferences, QP, along with its international partners may be faced with this problem. This poses a threat to the financial stability of the company, thereby exposing QP to further forms of threats like employee reduction. The depletion of the natural resources may well be a threat happening in the future.
The vulnerability lies in the procurement of oil per se. There have been movements on utilizing biofuels and organic gasoline instead of refined crude oil. Although this is aimed at the betterment of the environment, this could make QP, and any other oil companies, for that matter, vulnerable. This is especially so as the amount of oil tapped in reservoirs are slowly depleting.
Qatar Petroleum Official Website (2009). Retrieved May 26, 2009 from www.qp.com.qa