Duval - Sustainable Development: Environmental and Socio-Economic Issues

full all chapter5 chapter6 chapter7 chapter8 chapter9

chapter4 chapter5 chapter6 chapter7 chapter8 chapter9

Transparency and Accountability

Policy, Legal and Contractual Framework

Sector Organization and Institutions

Fiscal Design and Administration

Revenue Management and Distribution

Sustainable Development

Duval, C., Le Leuch, H., Pertuzio, A., Weaver, J., Sustainable Development: Environmental and Socio-Economic Issues in Petroleum Development (chapter 20) in International Petroleum Exploration and Exploitation Agreements: Legal, Economic and Policy Aspects(New York, United States: Barrows Company Inc., 2nd edition 2009)

 

Duval et al point out that resource exploitation is nowadays hooked up to a tripod of sustainable development: economic progress, environmental progress, and social progress – triple bottom line. Juxtaposed, however, to the triple bottom line approach to resource development is the adverse effects that may arise from the abundance oil and gas: petro curse. On account of that, it is observed that international petroleum agreements are nowadays furnished with specific provisions drafted on social/environmental, to address issues regarding biodiversity, indigenous right and revenue transparency,  based on “good oilfield practices”, on international and domestic laws.

It has been noted that the emphasis has been on the following: a) social corporate responsibilitytranslated into training, employment of host country nationals and preference for local goods and services - local content. b) good environment programs that encompass: (1) environmental and social impact assessment; (2) a management system of procedural rules that allow project operators to prevent and detect violations; (3) performance evaluation which measure actual performance against targets; 4 monitoring and auditing;  5 reporting. c) fighting corruption not only by incorporating anti-corruption provisions in petroleum contracts but also by enforcing anti-corruption laws, and adhering to anti-corruptions conventions and initiatives.

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