Tullow Petroleum Agreement
“If the two sides can`t agree, the basic scenario that Tullov wants international arbitration is a right enshrined in oil law,” he says. In 2019, we participated in the eighth EITI World Conference and supported it and underlined our support for the transparency of the treaties that EITI will call from 2021. Tullow continues to publish production sharing agreements (PSA) with the agreement of our government partners. Total, which did not respond to requests for comment, declined to take its share of The Turkana budget for fiscal year 2020, according to Kenyan media. The French major also threatened to leave Kenya, African intelligence reports, referring to a company letter to Kenya`s oil minister. In addition, we require our suppliers to comply with the code of conduct and our contractual agreements contain ethics and compliance clauses that cover these requirements. Before working with suppliers, we conduct risk-based due diligence on ethical issues, including anti-corruption and corruption, trade sanctions and restrictions, as well as human rights and labour rights. Tullow expects an agreement with the Kenyan government and adds: “The joint venture has spent about $2 billion in Kenya since 2011. We would try to recover a significant portion of those costs, plus development costs, as part of cost coverage. I do not know how long the audit process will last. First, we need a viable project. The negotiations will be the first major test for Kenya`s oil and energy bills in 2019, as well as the authority and capacity of the energy regulator, according to Edward Hobey-Hamsher, senior analyst at Verisk Maplecroft`s Africa Risk Insights Insights Team. Since 2011, Tullow has supported the Transparency Extractive Industries Initiative (EITI) and we are actively engaged in the development of new programs and initiatives. We have no tolerance for corruption, corruption and other financial crimes and we explicitly prohibit behaviour that does not correspond to our values or that does not conform to fair, respectful and honest business practices.
Our code of conduct is an important tool for the Board of Directors and our management to meet these requirements. The code is regularly reviewed and updated as our business environment evolves, and the last update was in 2018.