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Ethics in a Globalising World

Ethics in a Globalising World. Oil exploration in Angola. The ethical dilemma. Knowingly supporting a corrupt government versus Encouraging economic development in the Third World. Angola oil - the facts. Produces 2-3% of world’s oil production Approx 2m barrels per day.

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Ethics in a Globalising World

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  1. Ethics in a Globalising World Oil exploration in Angola

  2. The ethical dilemma Knowingly supporting a corrupt government versus Encouraging economic development in the Third World

  3. Angola oil - the facts • Produces 2-3% of world’s oil production • Approx 2m barrels per day. • Oil industry contributes 45% of GDP • New off-shore reserves available • Low cost of oil exploration – 20% of av. cost • 7% of oil revenues devoted to public expenditure in 1998 • Large scale corruption of oil revenues • Civil War – Govnt v UNITA

  4. Stakeholder analysis

  5. Should oil companies invest? • Milton Freedman view – YES (?) • Utilitarian view – MAYBE • Deontological view – NO • Our conclusion / Virtue ethics: NO • Knowingly propping up / encouraging corruption • Implicated within corrupt system • Respect for Angolan people • Marginal benefits for society as a whole

  6. Encouraging ethical conduct within the oil industry Discouraging misconduct • Pressure groups • Consumer / media pressure on companies • Govnt pressure Encouraging ethical conduct • Ethical awards • Independent ethical body • Industry code of conduct • Ethical awareness seminars / ethical awareness day

  7. Encouraging ethical conduct within the oil company • Support independent body • Code of conduct • Market reputation of the firm • Close alignment with aid organisations / environmental groups • Change company culture – become a standard for the industry

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