The company, which is credited with the actual discovery of oil in commercial quantities in Ghana in 2007, said it was therefore redefining its commitments to stakeholders in the oil and gas sector in the West African country.
This was disclosed by Ken Keag, Vice President and Ghana Country Manager of Kosmos, during the launch here late Monday of the new Kosmos Energy’s Statement of Business Principles, intended to be the guiding framework on how Kosmos will interact with host governments, suppliers and business partners.
“By defining our commitments to stakeholders, ethical conduct, our workplaces, the environment, social issues and commercial relationships, the principles provide a clear set of standards that we can hold ourselves to, and against which we can be accountable,” Keag pledged.
The Country Manager added that the launching of the new document was a very important step in the development of Kosmos Energy and reflected its commitment to do the right thing across the spectrum of its activities.
The main focal points of the new document include strengthening references to core labor standards; making standards for contractors more demanding; and incorporating references to ‘human dignity’ in both the principles and the company’s new human rights policy along with stronger language around cultural sensitivity.
It also introduces material around the importance of emergency preparedness and greater detail around aspects of the environment, while strengthening the commitment to due diligence in assessing risks, especially human rights, and to avoiding, mitigating or managing any such risks with access to remedies.
“This is our commitment to creating value for all stakeholders. They are underpinned by the insight we have gleaned over our first decade and the expectations of a responsible oil and gas company as set out by our stakeholders,” Keagan emphasized.
According to Kosmos, these principles were drawn upon leading international benchmarks such as the UN Guiding Principles on Security and Human Rights, the Extractive Industries Transparency Initiative and the Voluntary Principles on Security and Human Rights.
“While we are very proud of these Business Principles, Kosmos is committed to continuous learning and improvement, and we will review and strengthen these Principles and our overall corporate responsibility program over time, as Kosmos and the broader business and human rights policy space continues to evolve,” said Keag.
Founded in 2003, the American Oil and Gas firm said it had set itself the goal of creating value for all stakeholders, including investors, employees and the governments and citizens of host countries.
The company in 2007 set a record by becoming the first company to strike oil in commercial quantities in the country’s Jubilee field where it currently holds 18 percent stakes, having been in the country since 2004.
Deputy Minister for Energy and Petroleum, Ben Dagadu who launched the new document, described the principles as a bold step by the company, and expressed the hope that they would provide a great opportunity for Kosmos to shape its future.
“The key principles, from responsibility to stakeholders and commercial relationships, underpin the fundamental requirements which make Kosmos business friendly and worth partnering in the development of Ghanaian business and economy, and for the company itself,” he added.
The deputy minister observed that Kosmos Energy’s adoption of these principles made it a welcome investor, and as one seeking to build sustainable economic opportunities for its stakeholders.
He however cautioned: “It is one thing adopting Business Principles, and it is another thing living up to them.”
“Kosmos Energy, together with the partners historically set an objective to deliver the first oil on time, and this they achieved successfully. For this matter, there is no doubt about the application of these newly adopted Business Principles to the attainment of the company’s strategic goals and to the benefit of its stakeholders,” Dagadu conceded. Enditem.
Source: Justice Lee Adoboe
Edited by Ray Ankomah