We constantly endeavour to put ethical principles into action in our business operations.
In August 2006, StatoilHydro - together with partners Petrobras and Ask Petroleum - signed a new collaboration agreement for operation of the OPL 315 exploration licence. The licence agreement specifies that all business activities will be based on the UN Global Compact principles.
The UN Global Compact principles were established in 2000 to encourage a sustainable global economy through cooperation between governments, businesses and other stakeholders. Signatories to the compact are urged to observe ten basic ethical principles for responsible business conduct.
"Support for the compact 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."
Drawing on our experience in Nigeria, in 2007, we have worked with partners to include a commitment to the Global Compact principles in several licence agreements in Africa and Asia. We continuously front initiatives to integrate the Global Compact principles into new international licence agreements.
