Petroleum Industry Case Study

750 Words 3 Pages
Government guideline and policy
The rising concern about companies’ environmental impacts has created a demand for more government policies and guidelines in the petroleum industry. The government regulatory policy instrument is the mechanism that directly regulates and promotes EMA implementation (Rikhardsson, 2005). In view of that, government can develop policies for the purpose of improving environmental information and other related environmental activities within the petroleum industry. Therefore, governments can improve the environmental information for decision-making in the field of environmental development within the petroleum industry.
Apart from the government policy formulation, government can as well develop guidelines to promote
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EMA tools may clearly provide a critical set of vital information to companies that have the goals of reducing costs in general, environmental costs in particular and environmental impacts.
Both the industry (petroleum) and government can benefit from EMA data in several
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• The petroleum business executive as well needs both physical and monetary information on the business environment and the company’s performance, to make decisions relating to the long-term profitability and survival of the company.
• Financial and Management accountant needs monetary information on the value and economic performance of the corporate activities to make both external and internal decision. Accordingly, both the physical and monetary information will as well enable accountants to identify and realise the cost saving potential for the corporation.
• ‘Physical Information’ on material, energy flows, stocks, products and their impacts upon the environment and ‘Monetary Information’ about the economic impact of environmental initiatives (e.g. Payback periods, return on capital) are needed by environmental managers / decision makers to identify environmental improvement opportunities, prioritise environmental actions and measures and decisions about environmentally relevant corporate activities.

Benefits of Industry EMA Data and Implementation to the

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