Environmental challenges and risks of industry contracts
Environmental element of TEFCEL constitutes any and all elements related to the environments issues including but not limited to the:
(1) Political Environment, e.g. political system, public policy, HG & NOCs relationship, BIT & MITS;
(2) Business Environment, e.g. JV, Consortium, JOA, PA, and Alliances,
(3) Social Environment, e.g. LC, trainings, CSR, stakeholders and local indigenous;
(4) Cultural Environment, e.g. petroleum industry culture, cultural barriers, and taboos; and
(5) Ecological Environments, e.g. HSE, EIA and ESHIA, thus accordingly to ensure that ecosystem services are protected and maintained for future human generations, and also maintain ecosystem integrity through considering ethical, economic, and scientific (ecological) variables. Environmental elements should also be managed in the oil and gas contract via interaction and impact of human societies on the environment. It is not, as the phrase might suggest, the management of the environment itself, but comprehensive management of oil gas contracts as may be related to either of the above mentioned environmental issues .