SOCO International

SOCO International plc is an international oil and gas exploration and production company, headquartered in London traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola with production operations in Yemen.

SOCO is a participating partner in seven oil licences in South East Asia and Africa. In each case, the host nation, through the respective national oil company, retains a major interest and is a partner in the licence.

Our statistical reporting relating to corporate responsibility (CR) is re?ective of the relatively small scale and nature of the Company’s operations and the size of our organisation. SOCO’s impacts and opportunities vary substantially between reporting periods, dependent on the continuously evolving mix of projects and locations in the pre-drilling, exploration, development or production stages in accordance with our business strategy.

The Chief Executive Of?cer is the Director responsible to the Board for CR performance. He delegates day-to-day responsibility for managing CR matters to the Vice President – Operations and Production, who is invited to attend all Board meetings. CR matters are reported to the full Board in an operations report and a separate agenda item at each Board meeting addresses any signi?cant CR issues. Formal reporting to the Board is mandatory for all health, safety and environment (HSE) incidents.

Country managers report to the Board through senior management and are responsible for implementing the Company’s CR strategy on a local level. The Company recognises that key managers and operations personnel have a speci?c role in the success of the Company’s CR commitment. It is a priority consideration therefore, that the relevant employees each have an understanding of the importance of CR and have knowledge of what constitutes best practice standards. This fosters informed decision making and an appreciation of the relevant business implications associated with each operation. 

The Audit Committee is responsible for reviewing all areas of the Group’s corporate risk management processes, including CR. The effectiveness of these processes is monitored on a continuous basis and a formal assessment is conducted at least annually.