Africa Oil’s vision is to be full cycle oil exploration and production growth vehicle that integrates sustainability considerations throughout decision-making and operational management. We will work with our partners to support the transition to a less carbon-intensive business.
In considering our ESG strategy, we have identified the underlying targets of five goals towards which Africa Oil can make a positive contribution and mitigate any potentially negative impacts.
The United Nations’ 17 Sustainable Development Goals (SDGs) were set out in 2015 with the aim of creating a sustainable future for all and setting objectives to be achieved by 2030. Across the world, governments, businesses and wider society have adopted these global goals in order to support the mission of protecting our planet and its people.
Through Foreign Direct Investment, we support economic growth in our countries of operation. Furthermore, we seek to maximise local employment – with the exception of one expatriate, all employees in both Kenya and Ethiopia are nationals – as well as minimise direct dependency of local economies on the project.
Equality, non-discrimination and fair treatment are embedded into all plans and activities in line with Africa Oil and our operators’ policies. The Company has a Board and Executive Officer Diversity Policy, which formalizes the Company’s commitment to promote diversity on the Board and in Executive Officer positions. Our Board currently has two women members, representing 26% of the Board’s composition.
Climate change is a global issue that requires all sectors to address their environmental impact and reduce their carbon emissions. While we recognise that oil and gas activities result in impacts to the global environment, the demand for energy is ever-increasing and alternative energy sources cannot meet these energy needs. Africa Oil is therefore actively engaged in Energy Transition planning, having created a multi-year plan to implement the recommendations of the TCFD, including establishing a climate risk process.
To strengthen the integrity of our climate approach, we have developed an Investment Due Diligence procedure through which we set out the ESG issues to be addressed during due diligence, ensuring that potential GHG emissions are considered in investment decision making.
At Africa Oil, we put the protection of people and property first and comply with all legislation and good industry practices.
Our Environmental Policy defines the Environmental Principles by which we ensure that we minimise the impact of the activities for which we are responsible. Regarding our project in Kenya, we are working to develop South Lokichar in a manner that preserves biodiversity and improves pasture management by pastoralists.
As a non-operator, we believe our biggest strength lies in responsible and transparent corporate governance.
We expect all our employees to uphold the highest standards in business ethics, as specified in our Anti-Corruption Policy, and Code of Business Conduct and Ethics, and we expect our employees to comply with all legal requirements, working in partnership with local communities and governments.
To ensure responsible investment, all potential investments are subject to our due diligence process, which includes both our own and independent assessments. Post-investment, we are committed to responsible stewardship, engaging actively with the operators through OCMs, budget scrutiny and audits.