We are constantly working to put ethical principles into action in our business. Exploration licence OPL 315 off Nigeria has now adopted a new tool for ethical business conduct.
Together with Petrobras and Ask Petroleum, we signed a new collaboration agreement on operating the OPL 315 licence during August. This specifies that all business activities will be based on the UN Global Compact principles.
Support for the Global Compact principles is voluntary, and its principles are not legally binding. The OPL 315 partner deal is thereby unique because it makes the compact’s principles legally binding, says Global Compact head Georg Kell.
“This agreement is innovative because it demonstrates how universal norms can determine the standard for business action,” he says. “In that way, it contributes to a more robust and inclusive market. I hope that this agreement can set an example for others.”
The work of putting the compact’s principles into everyday operation is now beginning. “The chief executive of operator Petrobras sits on the Global Compact board, and is proud to have made history by incorporating its principles in an agreement,” says Karin Berentsen, who represented us in the negotiations over the partnership agreement.
“We’ve now got to follow up the principles in the day-to-day work and when placing contracts with companies who want to do business with the licence,” she says.
StatoilHydro is now working to transfer the compact’s principles to new exploration licences in west Africa.
The UN Global Compact principles were established in 2000 to encourage a sustainable global economy through cooperation between governments, business and various organisations. Signatories to the compact are urged to observe 10 basic ethical principles for responsible business conduct.
