Simply stated, the term “socioeconomic” refers to the collective social and economic effects that our activities can have on the people and communities where we work. We are sensitive to balancing local communities’ concerns with the desire for economic development. Our activities produce direct and indirect benefits to communities wherever we do business — an essential way is through the development of a globally competitive local workforce and local supply chain.
Identifying, avoiding and mitigating potential negative impacts while enhancing benefits is integral to successful exploration, development and production operations and in developing long-term, positive relationships within the communities where we operate. Early identification of socioeconomic impacts is fundamental to proactive and effective management of these risks in these areas.