- About Tethys Oil
- Corporate governance
- Investor Relations
Tethys Oil is an oil and gas exploration and production company with a primary objective of creating shareholder value working across the whole upstream industry lifecycle of exploration, development and production. The Group considers a sustainable approach to its operations and projects to be critical to deliver long-term shareholder value.
A central tenet of Tethys Oil’s business model is to explore for and produce oil and gas in an economically, socially, and environmentally responsible way. The Group applies the same standards to its activities worldwide to satisfy both its commercial and ethical requirements. Tethys Oil strives to continuously improve its performance and to act in accordance with good industry practice and high standards of corporate citizenship.
Sustainability and Corporate Social Responsibility (“CSR”) is viewed by the Group as a question of strategic importance and thus Tethys Oil’s board of directors has approved a CSR policy to be implemented by the Group management. This policy underpins the Group’s work on sustainability and corporate social responsibility. The policy clearly defines the Group’s core values, a code of conduct to be applied by employees, contractors, and partners as well as policies in a number of key areas within CSR and sustainability.
Tethys Oil’s Core Values
The principles behind the Health and Safety (“HSE”) policies are to provide a healthy and safe working environment for the Group’s employees and to minimize the potential impact of the Group’s activities on the environment. Corporate HSE goals set corporate requirements on operational entities, which include identifying relevant HSE issues and ways of addressing them through environmental studies, establishing plans and procedures, training staff and attributing HSE responsibilities, maintaining emergency response and contingency plans, monitoring and reporting performance.
The Group has a policy to conduct all its operations in compliance with all applicable legislation. The Group recognises that the prevention of accidents and ill health is essential to the efficient operation of its business.
It is the Group’s objective to provide a safe working environment for employees, contract personnel and members of the general public who may be put at risk by the activities of its operations.
The Group has a commitment to have a beneficial impact on the community through engaging in a dialogue with the Group’s stakeholders, whether these are local communities or relevant interest groups, such as the government and civil society. The Group engages in an active relationship with the stakeholders in order to understand the concerns surrounding the group’s operations and jointly set goals.
The Group has the policy, while engaging in oil exploration and production activities, to operate in a manner that is consistent with the welfare of neighbouring communities.
The Group seeks to enhance and contribute to the local communities through the hiring of local staff and participation in local projects. The Muscat office has a majority of Omani nationals as employees and Tethys Oil has for several years offered a master degree scholarship to Omani geoscience students in cooperation with Sultan Qaboos University in Muscat.
Tethys Oil and its affiliated partners will strive to ensure that the exploration and production operations are conducted in compliance with all applicable environmental laws and regulations. The Group will continue to work to minimise the environmental impact within the scope of its operations. It will co-operate with industry, government and the public on programmes to protect the environment.
The Group will provide the necessary training for its employees to ensure that they have the knowledge and capability to conduct operations in a manner that is consistent with sound environmental practices.
Tethys Oil has committed firmly to the United Nations Global Compact (stated further in the Code of Conduct), as well as follow the United Nations Guiding Principles on Business and Human Rights. The Group has made a commitment to support internationally recognised human rights wherever it operates.
Human Rights are to be understood as those referred to in the Universal Declaration of Human Rights (UDHR), the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights and in the International Labour Organisation’s (ILO) Conventions, and in relation to business activities, in the Global Compact, the OECD Guidelines for Multinational Enterprises, and the UN Guiding Principles.
The Group recognises the importance of respecting the rights of local communities, and thus prior to any new investment, it analyses potential impacts on human rights. While the Group respects all human rights, it focuses primarily on those human rights that potentially may be most impacted by its operations. The Group furthermore expects all its affiliated partners to respect human rights and to observe highest standards of professional integrity.
Tethys Oil recognises that its performance as a company is dependent upon the performance of its employees as individuals. The Group seeks to promote diversity amongst its employees with a mix of gender, age and nationality as a step towards improving the Group’s performance and attractiveness as an employer. Although a small organisation, Tethys Oil personnel consist of highly motivated individuals of six different nationalities, ranging in age from early twenties to mid seventies and with a balanced gender representation (41 percent female and 59 percent male).
Tethys Oil has a zero-tolerance policy with regards to corruption. Its policy on corruption is laid out clearly under the Code of Conduct part of its CSR policy that employees should refrain from accepting or offering improper payments, gifts or engaging in bribery or any form of corrupt business practices. The policy also applies to partners, contractors and suppliers.
Sustainability – a continuous process
As of 31 December 2016 all of Tethys Oil’s various license interests and holdings are non-operated and as a result Tethys Oil executes the sustainability work on its projects indirectly and in cooperation with the relevant operator. During the year, the Group has actively worked to apply its CSR policy in all its projects where possible and applying the same standards when screening new venture projects. All non-operated assets are, however, independently reviewed by Tethys Oil out of a HSES (health, safety, environment and social) perspective and Tethys Oil will closely monitor any contractor or operator. Wherever changes can be favourably employed, such will be recommended.
By implementing the sustainability and CSR policies in its own organization Tethys Oil seeks to set a standard for its partners and lead by example.