The manner in which we conduct project development is of vital importance in terms of ensuring sustainability in the planning, construction, operation and decommissioning phases. Our management system prescribes impact assessments as a tool for achieving such sustainability.

For nearly 40 years, decision-makers in companies and governments have used impact assessments as a tool for ensuring that impacts are indentified and evaluated before a decision is made on whether to proceed with a project.

Early on, the main focus was on the biophysical environment, and, indeed, the term EIA (Environmental Impact Assessment) is still commonly used. However, it has become increasingly clear that the extractive industry, including the petroleum industry, has the potential to affect social groups in various ways in the communities where it operates.

We aim to avoid adverse social effects in our operations, and if possible enhance the socio-economic well-being of people in the affected communities. This entails a strong focus on understanding how our operations iffect various social groups, in terms of their access to key resources, services and infrastructure, and their livelihoods in a wider sense. Understanding the consequences that such impacts may have on different people's entitlements and human rights is also becoming more widely recognised as an important element of the impact assessment process.

As a result of this, we have decided that our impact assessment process should be integrated, addressing the social, environmental, health, safety and security impacts and benefits of projects. As a result, we no longer use the term EIA, but IA, indicating that this is not only about environmental impacts but about the multifaceted range of impacts of a project.

In 2008, we initiated a revision of our guidelines for impact assessment to ensure an integrated approach to impact management. The guidelines are based on the International Finance Corporation's (IFC) Social and Environmental Performance Standards, which are considered to be an international benchmark and best practice for sustainable project management. IFC-authorised training in the Performance Standards was also conducted for project management and risk and impact assessment staff.

It is expected that the guidelines will be finalised early in 2009. The guidelines will apply to all projects, thereby demonstratinig our commitment to conducting our impact assessment processes in the spirit of the IFC Performance Standards.