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Sustainability

An oil company having business in different parts of the world will sooner or later meet issues about corporate social responsibility (“CSR”), whereas environmental concerns being at the forefront. Tethys Oil always strives to conduct the business in an economically, socially, and environmentally responsible way. The ethical requirements are the same regardless of where in the world the business takes place. The company will always follow good oilfield practice and act as good citizens and will under all circumstances aim to follow the best available practices, even if this will go beyond local laws.

In an oil project the operator has the main responsibility for the day to day work and the business on the site. Tethys Oil does not act as operator in any of its active assets. The activities in Tethys Oil’s different projects are therefore decided in cooperation with partners and primarily the operator. Assets not operated by Tethys Oil are independently reviewed by Tethys Oil out of a HSES (health, safety, environmental and social) perspective and Tethys Oil will closely monitor any contractor or operator. Wherever changes can be favourably employed, such will be recommended. Most countries today have strong environmental laws and standards which of course are a great help to an oil company in assuring correct practises are followed. Tethys Oil’s guidelines for CSR and how the company and its employees shall behave are described in the company’s CSR policy which permeates the total business and is a part of the corporate culture.

The company’s fundamental values are:

  • To act in a fair, honest and equitable way.
  • To observe local laws and regulations.
  • To respect local customs and traditions.
  • To observe applicable international laws and standards.
  • To uphold the ten principles of the United Nations Global Compact on human rights, labour standards, environment and anti-corruption.

The agreements that Tethys Oil has with the host nation and its partners prescribes that the licence owner commits to be careful with the environment, surroundings and the people in the neighbourhood who will be affected and all the work in the area will be done according to good oil field practices.

All subcontractors that are used are subject to the same conditions. In Oman, preference shall be given to Omani contractors and Omani Nationals. Tethys Oil is closely coordinating with Sultan Qaboos University in offering Master degree sponsorship to Omani geoscience graduate students.

According to the Joint Operating Agreements, the operator must implement a HSE plan that follows both international and local standards for the oil industry. A programme for follow up and evaluation of the HSE plan has to be included.

 

About Tethys Oil

Tethys Oil is a mid sized Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P reserves of 21.4 mmbo and has an oil production of about 12,000 barrels per day from Blocks 3 and 4. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The head office is located in Stockholm and the company's shares are listed on Nasdaq Stockholm (TETY).

Tethys Oil AB (publ) | Hovslagargatan 5 B, 1 tr. | SE-111 48 STOCKHOLM | Sverige | Tel 08 - 505 947 00 | info@tethysoil.com