As global awareness of environmental impact of modern society increases, companies across a variety of industries face increasing demands to adapt their business models to become more sustainable. The oil and gas industry is one of the focal points of the ongoing energy transition which aims to meet the challenge of the world’s increasing energy needs in an environmentally and socially sustainable way.
Tethys Oil has stated an objective to create shareholder value by operating across the entire oil and gas upstream lifecycle. As long as there is demand for oil, Tethys Oil sees it as its objective to contribute to satisfy that demand in an economically, socially, and environmentally responsible and sustainable way and to be both a respected corporate citizen and an attractive investment.
Tethys Oil is committed to continuously developing its sustainability agenda to keep up with the rapidly evolving demands of society but also the increased responsibilities stemming from the Group’s expanding operations and license portfolio.
Environmental, Social and Governance (ESG) issues are applicable in all stages of the Company’s activities. Impacts related to those issues, whether presented as an opportunity or as a risk, will vary substantially depending on the stage of the business cycle. The likelihood of impact is considered small during exploration and appraisal as activity levels are low. Nevertheless, all potential impact are prioritised and managed by the Company.