"Oil and gas companies have a central role in today's global energy supply. SOCO International can be a powerful force for economic development. Through our business, we create jobs, provide training and skills and support local communities. A successful project can transform not only a company, but also the economic and social wellbeing of a host nation by contributing to its ability to produce and supply its own natural resources. We recognise that built into the heart of this opportunity is the business imperative to act responsibly.
"SOCO is committed to conducting our business in an honest and ethical manner and ensuring that the health and safety of people and the protection of the environment remains a business priority. Our goal is to be a positive presence whereby we build sustainable value for the host countries and local communities, as well as for our own shareholders. That's what we mean by sustainable development."
Ed Story, President and Chief Executive Officer
SOCO is an upstream, international oil and gas exploration and production company. We are a participating partner in seven oil licences in Vietnam, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) (DRC) and Angola. Our core business is to add shareholder value by:
- Gaining access to investment opportunities in projects or regions early on in the project life cycle where there is potential to create significant upside through our participation.
- Applying our managerial, technical and commercial expertise to progress the project through its formative stages or through periods of difficulty.
- Locking in the investment returns once our capacity to add value begins to diminish.
In undertaking our activities we bring benefits to society through investment in developing countries, providing stimulus for emerging local economies, the creation of jobs, training for local people, support for local communities, payment of fees and taxes to host governments and the protection of the natural environment. We call this approach sustainable development.
We partner with other businesses and host governments through their national oil companies. This means that our portfolio varies by:
- our degree of ownership
- our level of operatorship
Our approach to sustainable development is tailored to individual projects. Where we are the operator, our influence is high. Where we are a minority owner and non-operator, we seek to influence our partners to integrate sustainable development into a project.
Because of our exploration activities, our projects can vary substantially from year to year. Many are at the earliest stages of exploration prior to the onset of drilling or production activities.
We currently have five projects in the early phases of exploration. Of these five projects, we are the operator of four and non-operator of one. We have two projects in the production/development phase for which we are the joint-operator
Our business is guided by an overarching principle:
to make a net positive contribution through balancing the needs for energy security; economic development; social improvement; and protection of the environment.
Our Guiding Principle is translated into our policies and systems, it guides our selection of partners, and is realised through our actions on the ground.
The company has established standards for business conduct in three performance areas - ethical, social and environmental - as well as a comprehensive Health, Safety, Environment, Social and Security (HSES) management system.