Wordsworth Energy Thibaw regrets to inform that were unable to agree on the terms of the license to operate in Block 45. We regret that the government was unable to see the advantages of cooperating with us, as proved by the following contract:
ENERGY INVESTMENT AGREEMENT
THIS ENGERGY INVESTMENT AGREEMENT (this “Agreement”), entered into on this 1st day of November, 2010, is between THIBAW GOVERNMENT (“Thibaw”) and WORDSWORTH ENGERGY THIBAW CO. (“WET”).
WHEREAS, WET is a corporation incorporated in United Kingdom and desires to invest in Block 45 pursuant to a license issued by Thibaw, upon the terms and subject to the conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as follows
Article 1 Health, Safety, Environment (HSE)
1. Wordsworth’s business operations shall be bound by the highest industry HSE standard.
2. Wordsworth shall not be responsible for any damage caused to environment unless it is due to our negligence, but under no circumstances shall we be responsible for compensating any environmental damage arising after 10 years since the date of this agreement.
3. Wordsworth will provide our employees with mandatory occupational safety and health training.
Article 2 Co-Financing for Infrastructure Projects
1. Provide and maintain infrastructure for the community, including through co-financing the following infrastructure facilities:
1) Robust roads and bridges
2) Pipeline
3) New Healthcare facility (1 hospital)
4) New wells/ upgraded water purification system for safe drinking water access
5) Ensured access to electricity throughout and surrounding the extraction area (generators)
2. Build educational facilities such as 2 schools (1 primary and 1 secondary) and 1 kindergarten
3. WET will be entitled to 49 percent of the total rights of the investment and THIBAW will be entitled to the remaining 51percent. WET shall be responsible for the entire financing of the investment project.
Article 3 Security
1. Wordsworth shall accept no spying from government in any form.
2. Wordsworth will employ private security force to protect the safety and well being of its employees.
Article 4 Labor
1. Wordsworth shall have zero tolerance for all forms of forced and compulsory labor:
1) it shall offer fair wages for our employees (benefits package) , at least the industry minimum
2) it shall engage with the government on eliminating the culture of “free labor”
3) Wordsworth and its affiliates throughout the supply chain will not engage in forced labor under any circumstances (necessary trainings will be provided)
2. None of Wordsworth’s employees or employees of its supply chain will be subject to the government’s reeducation by labor program
Article 5 The CSR Program
1. Wordsworth’s CSR Program is a part of this agreement (Appendix I).
Article 6 Arbitration/ Governing Law/ Jurisdiction Clause
1. Any disputes arising out of the matters relating to this agreement will be resolved by arbitration in the ICSID and the applicable law shall be UK law.
2. The governing law of this agreement shall be UK Law.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
THIBAW GOVERNMETNT WORDSWORTH ENERGY THIBAW CO.
Saturday, March 26, 2011
WORDSWORTH ENERGY THIBAW CSR PROGRAM
Wordsworth Proposal to the THIBAW Government
The Thibaw government remains to stall on the following proposal for a CSR program funded by Wordsworth Energy International:
Wordsworth Energy Thibaw is a branch of the Wordsworth Energy Group operating in Thibaw in strict compliance with the clearly stated and publically available Ethical Principles.
Our “Daffodil” logo stands for our identity and values of an ethical and socially responsible corporation. Our history of operations and oil developments worldwide proved that our CSR program is a source of significant competitive advantage for our business. We engage with all interested stakeholders in shaping and strengthening our CSR program and tailoring it to the specifics of the country we operate in, i.e. Thibaw. We are driven by innovative management that consists of both interactive and inclusive approaches to finding solutions to the issues that might occur in partnership with the shareholders, government bodies, NGOs, media, investors and other stakeholder groups, because we understand that the most successful initiatives result from cross-sectoral collaboration.
Wordsworth Energy Thibaw has been endorsed by such renowned NGOs as Open Books International, Shared Heritage, Nurture and Humanity First as a model to follow by other international companies operating in Thibaw. Wordsworth Energy Thibaw will continue to deliver on transparency and reporting, and our annual CSR report is one of our essential communication channels. Wordsworth Energy Thibaw has signed and adheres to Open Books International’s “Code of Ethics for Energy Investment Thebaw” and will continue to deliver on transparency and reporting. Wordsworth Energy shall also support Shared Heritage activities. Shared Heritage will conduct regular environmental audits.
With regards to Human Rights:
Wordsworth Energy Thibaw supports and respects the protection of internationally proclaimed human rights
In our negotiations with government representatives we call for attention to the cases of human rights abuses .
We cooperate with grassroots organizations (through donations) that support democracy and transparency (they in turn can urge the Government to sign international human rights treaties (ICCPR & UDRIP in particular and hold fair elections).
We produce and publish annual human rights assessment reports (Partnership with Open Book Int.)
a. Special focus on Udip minority rights (strive to regain lost heritage, preserve their cultural identities and protect)
We are not complicit in any human rights abuses.
We cooperate with the government of Thibaw to ensure that neither one of our affiliates (supply chain) is engaged in any human rights abuses under any circumstances.
Labor:
We provide jobs for local/marginalized community members
a. We actively recruit local population for all levels of employment (including at decision-making positions)
b. We provide the community with skills-based and HSE trainings
We have zero tolerance for all forms of forced and compulsory labor
a. offer fair wages for our employees (benefits package) , at least the industry minimum
b. engage with the government on eliminating the culture of “free labor”
c. we and our affiliates throughout the supply chain will not engage in forced labor under any circumstances (necessary trainings will be provided)
We strive to provide effective support to eliminating worst forms of child labor
a. we do not employ minors under the age of 18
b. youth is provided with on-site vocational skills-based training
c. we may co-sponsor few youth-friendly community centers (YMCA type) with education/information on HIV and drug use
We do not discriminate in respect of employment and occupation, i.e. we provide equal employment opportunities
a. Wordsworth Energy Thibaw will not discriminate based on race, ethnicity, religious affiliation, gender, sexual orientation etc.
Social Development:
We consult with local communities and all stakeholders when any major developments are being planned:
a. A community representative will be invited to appropriate corporate meetings/ round tables when decisions and issues concerning the community are discussed.
b. Provide our stakeholders with regular updates in the form of newsletters, press releases, town halls, website, pamphlets etc.
c. Conduct needs assessment, obtain feedback through surveys and incorporate feedback into tangible results as much as possible
We engage experts in the field to provide us with regular Social Impact Assessments (e.g. Partnership with Nurture)
a. We will implement the Tanyan Community Health/Agricultural/Sanitation Projects as per Nurture’s Assessment Report on an annual basis (https://docs.google.com/document/d/1-L3HPMlPdzAzJ6wutbIquPZxG0GmXD5bQKPKdxn8afI/edit?hl=en&authkey=CMiLyM0L&pli=1#)
b. Launch awareness programs about health care (especially for mothers of newborns), consider establishment of the rehabilitation center for victims of violence and human-trafficking (women and children affected) programs – Partnership with Humanity First
Together with stakeholders we will try to prevent “boom town” effects (spread of HIV, local inflation, drug use)
a. Launch awareness programs on HIV/AIDS for youth and general public
b. Launch diverse trainings for employees and locals
c. A special drug rehabilitation unit will be set up in a new clinic that we are to build in the Tanyan community
Provide and maintain infrastructure for the community, including through co-financing the following infrastructure facilities:
a. Robust roads and bridges
b. New Healthcare facility (1 hospital)
c. New wells/ upgraded water purification system for safe drinking water access
d. Ensured access to electricity throughout and surrounding the extraction area (generators, plant?)
e. Build educational facilities such as 2 schools (1 primary and 1 secondary) and 1 kindergarten
Environment:
Wordsworth will establish a response system in consultation with the local community and other stakeholders to address any cases of damages incurred during our operations or developments.
a. Emergency Preparedness and Response Plan, especially in case of spills or other events posing immediate concerns
We undertake precautionary approach to environmental challenges (e.g. Pipeline Construction, Special Preservation Zone for Endangered Species of Dwarf Tapir and Teak Forest)
We engage in initiatives to promote greater environmental responsibility (water, air pollution with gas flares etc.)
We encourage the development and use of only environmentally friendly technologies (Partnership with Shailoh on the pipeline, Partnership with environmental NGOs on preservation of Tapir and other environmental issues).
The Thibaw government remains to stall on the following proposal for a CSR program funded by Wordsworth Energy International:
Wordsworth Energy Thibaw is a branch of the Wordsworth Energy Group operating in Thibaw in strict compliance with the clearly stated and publically available Ethical Principles.
Our “Daffodil” logo stands for our identity and values of an ethical and socially responsible corporation. Our history of operations and oil developments worldwide proved that our CSR program is a source of significant competitive advantage for our business. We engage with all interested stakeholders in shaping and strengthening our CSR program and tailoring it to the specifics of the country we operate in, i.e. Thibaw. We are driven by innovative management that consists of both interactive and inclusive approaches to finding solutions to the issues that might occur in partnership with the shareholders, government bodies, NGOs, media, investors and other stakeholder groups, because we understand that the most successful initiatives result from cross-sectoral collaboration.
Wordsworth Energy Thibaw has been endorsed by such renowned NGOs as Open Books International, Shared Heritage, Nurture and Humanity First as a model to follow by other international companies operating in Thibaw. Wordsworth Energy Thibaw will continue to deliver on transparency and reporting, and our annual CSR report is one of our essential communication channels. Wordsworth Energy Thibaw has signed and adheres to Open Books International’s “Code of Ethics for Energy Investment Thebaw” and will continue to deliver on transparency and reporting. Wordsworth Energy shall also support Shared Heritage activities. Shared Heritage will conduct regular environmental audits.
With regards to Human Rights:
Wordsworth Energy Thibaw supports and respects the protection of internationally proclaimed human rights
In our negotiations with government representatives we call for attention to the cases of human rights abuses .
We cooperate with grassroots organizations (through donations) that support democracy and transparency (they in turn can urge the Government to sign international human rights treaties (ICCPR & UDRIP in particular and hold fair elections).
We produce and publish annual human rights assessment reports (Partnership with Open Book Int.)
a. Special focus on Udip minority rights (strive to regain lost heritage, preserve their cultural identities and protect)
We are not complicit in any human rights abuses.
We cooperate with the government of Thibaw to ensure that neither one of our affiliates (supply chain) is engaged in any human rights abuses under any circumstances.
Labor:
We provide jobs for local/marginalized community members
a. We actively recruit local population for all levels of employment (including at decision-making positions)
b. We provide the community with skills-based and HSE trainings
We have zero tolerance for all forms of forced and compulsory labor
a. offer fair wages for our employees (benefits package) , at least the industry minimum
b. engage with the government on eliminating the culture of “free labor”
c. we and our affiliates throughout the supply chain will not engage in forced labor under any circumstances (necessary trainings will be provided)
We strive to provide effective support to eliminating worst forms of child labor
a. we do not employ minors under the age of 18
b. youth is provided with on-site vocational skills-based training
c. we may co-sponsor few youth-friendly community centers (YMCA type) with education/information on HIV and drug use
We do not discriminate in respect of employment and occupation, i.e. we provide equal employment opportunities
a. Wordsworth Energy Thibaw will not discriminate based on race, ethnicity, religious affiliation, gender, sexual orientation etc.
Social Development:
We consult with local communities and all stakeholders when any major developments are being planned:
a. A community representative will be invited to appropriate corporate meetings/ round tables when decisions and issues concerning the community are discussed.
b. Provide our stakeholders with regular updates in the form of newsletters, press releases, town halls, website, pamphlets etc.
c. Conduct needs assessment, obtain feedback through surveys and incorporate feedback into tangible results as much as possible
We engage experts in the field to provide us with regular Social Impact Assessments (e.g. Partnership with Nurture)
a. We will implement the Tanyan Community Health/Agricultural/Sanitation Projects as per Nurture’s Assessment Report on an annual basis (https://docs.google.com/document/d/1-L3HPMlPdzAzJ6wutbIquPZxG0GmXD5bQKPKdxn8afI/edit?hl=en&authkey=CMiLyM0L&pli=1#)
b. Launch awareness programs about health care (especially for mothers of newborns), consider establishment of the rehabilitation center for victims of violence and human-trafficking (women and children affected) programs – Partnership with Humanity First
Together with stakeholders we will try to prevent “boom town” effects (spread of HIV, local inflation, drug use)
a. Launch awareness programs on HIV/AIDS for youth and general public
b. Launch diverse trainings for employees and locals
c. A special drug rehabilitation unit will be set up in a new clinic that we are to build in the Tanyan community
Provide and maintain infrastructure for the community, including through co-financing the following infrastructure facilities:
a. Robust roads and bridges
b. New Healthcare facility (1 hospital)
c. New wells/ upgraded water purification system for safe drinking water access
d. Ensured access to electricity throughout and surrounding the extraction area (generators, plant?)
e. Build educational facilities such as 2 schools (1 primary and 1 secondary) and 1 kindergarten
Environment:
Wordsworth will establish a response system in consultation with the local community and other stakeholders to address any cases of damages incurred during our operations or developments.
a. Emergency Preparedness and Response Plan, especially in case of spills or other events posing immediate concerns
We undertake precautionary approach to environmental challenges (e.g. Pipeline Construction, Special Preservation Zone for Endangered Species of Dwarf Tapir and Teak Forest)
We engage in initiatives to promote greater environmental responsibility (water, air pollution with gas flares etc.)
We encourage the development and use of only environmentally friendly technologies (Partnership with Shailoh on the pipeline, Partnership with environmental NGOs on preservation of Tapir and other environmental issues).
Wordsworth Announces Excellent CSR Budget
Worsdworth is pleased to announce based on conservative reports that the budget for CSR projects is over $150 million for the upcoming year. Reports from financial analysts have determined that this number is 6% of all revenues.
"We hope that these numbers re-instill a sense of confidence in our investors" said senior strategy executive Swati C.
"We hope that these numbers re-instill a sense of confidence in our investors" said senior strategy executive Swati C.
Market Responds Positively to Wordsworth-Nurture Cooperation
London: Investors Journal 2 August
Wordsworth stock saw a welcome rise in recent days in response to announcements of cooperation between Wordsworth and the respected NGO Nurture on development initiatives in Thibaw.
“This is an indication of Wordsworth taking seriously the challenges of operation in a deprived community,” says analyst Matthew Shaw. “It shows that Wordsworth probably has reasonable expectations of establishing itself successfully in Thibaw.”
Wordsworth closed at 285, up 10 from recent levels and reversing a previous downward trend.
Wordsworth has NOT signed any agreements with The Thibaw Government
In response to recent reports that Wordsworth Energy has signed an agreement with the Thibaw Government, our CEO has issued the following statement.
"Wordsworth Energy International has not signed any agreement with the Thibaw Government. In light of new efforts to increase the transparency and accountability of our firm, all agreements will be made public on this website"
All media inquiries should follow up with Vanessa Singh vas2119@columbia.edu to receive timely and accurate information.
"Wordsworth Energy International has not signed any agreement with the Thibaw Government. In light of new efforts to increase the transparency and accountability of our firm, all agreements will be made public on this website"
All media inquiries should follow up with Vanessa Singh vas2119@columbia.edu to receive timely and accurate information.
Nurture Tanyan Community Agricultural Initiative Report
Wordsworth is pleased to release and support the following report by Nurture:
After assessing the needs of the community, we identified a series of needs--specifically health, sanitation, and education--that our organization has the expertise to meet. Nurture promotes the health and well-being of local communities and the introduction of agricultural improvements in impoverished areas in order to secure environmentally and economically sustainable futures for the communities in which we work.
The Tanyan Village community expressed their primary concerns to be regarding their access to healthcare and preventative measures such as potable water. They were also concerned about the lack of local infrastructure systems and the potential for environmental degradation within their community.
We, Nurture, propose the following initiatives that would fulfill the needs identified by the community.
Immediate goals (to be introduced within the first year of organization involvement) -> Boost agricultural production through the introduction of high yield crops, organic fertilizers/crop rotation, and irrigation within the Tanyan community and implementation of the appropriate infrastructure. Immediate benefits to the community (projects to be started within the first year): clean, accessible water, water purification technology and water distribution infrastructure are essential to the well-being of the community and the success of our projects, thus will be immediately constructed upon the start of the Implementation Phase; sanitation infrastructure, essential to the health of the community by both preventing the spread of disease AND ensuring access to potable water, building enough composting latrines to satisfy the needs of the population (30 ppl/latrine) will solve this issue; and health clinics, the health of the community is of the utmost importance to our organization and we will set up at least two clinic--staffed by trained, local healthcare workers--within the first year and continue the expansion of these services throughout our involvement within the community.
Mid-range Goals (to be introduced within the first 4 years of organization involvement) -> Continued development of agricultural sector, introduction of the agricultural and trade training programs (to be implemented within the first 2 years), and begin building social infrastructure (village marketing cooperative, women’s centre, etc.).
Long-term Goals (to be introduced within the first 8 years of organization involvement) -> Creation of an agricultural institute in the region to develop crop varieties that are designed specifically to thrive within the local environment (specifically soil type and composition and climate).
This report was made possible by funds donated by Wordsworth Energy.
After assessing the needs of the community, we identified a series of needs--specifically health, sanitation, and education--that our organization has the expertise to meet. Nurture promotes the health and well-being of local communities and the introduction of agricultural improvements in impoverished areas in order to secure environmentally and economically sustainable futures for the communities in which we work.
The Tanyan Village community expressed their primary concerns to be regarding their access to healthcare and preventative measures such as potable water. They were also concerned about the lack of local infrastructure systems and the potential for environmental degradation within their community.
We, Nurture, propose the following initiatives that would fulfill the needs identified by the community.
Immediate goals (to be introduced within the first year of organization involvement) -> Boost agricultural production through the introduction of high yield crops, organic fertilizers/crop rotation, and irrigation within the Tanyan community and implementation of the appropriate infrastructure. Immediate benefits to the community (projects to be started within the first year): clean, accessible water, water purification technology and water distribution infrastructure are essential to the well-being of the community and the success of our projects, thus will be immediately constructed upon the start of the Implementation Phase; sanitation infrastructure, essential to the health of the community by both preventing the spread of disease AND ensuring access to potable water, building enough composting latrines to satisfy the needs of the population (30 ppl/latrine) will solve this issue; and health clinics, the health of the community is of the utmost importance to our organization and we will set up at least two clinic--staffed by trained, local healthcare workers--within the first year and continue the expansion of these services throughout our involvement within the community.
Mid-range Goals (to be introduced within the first 4 years of organization involvement) -> Continued development of agricultural sector, introduction of the agricultural and trade training programs (to be implemented within the first 2 years), and begin building social infrastructure (village marketing cooperative, women’s centre, etc.).
Long-term Goals (to be introduced within the first 8 years of organization involvement) -> Creation of an agricultural institute in the region to develop crop varieties that are designed specifically to thrive within the local environment (specifically soil type and composition and climate).
This report was made possible by funds donated by Wordsworth Energy.
Wordsworth-Shared Heritage Partnership on Thibaw Oil and Gas Initiative
Wordsworth is happy to announce a new partnership with Shared Heritage on The Thibaw Oil and Gas Initiative. The company signed a contract committing itself to a series of environmental goals.
Wordsworth Energy promises to engage in a process of consultation with all relevant stakeholders to promote responsible business practices and conduct Risk Assessment related to the planned activities. Wordsworth Energy shall pursue open, transparent and inclusive process ofconsultations with the Government and all legitimate stakeholders, concerning all decisions related to the development and operation of the extractive industry. Wordsworth Energy shall support environmental protection, in particular nature conservation through reforestation and protection of endangered species and providefunding to the Shared Heritage activities.
Wordsworth Energy would give Shared Heritage annual "rights of audit" throughout the life of the oil field and pipeline operation to ensure that agreed standards are being met.
The company is also pleased to announce that our CEO Sir Conway Dalrymple will sit on the Board of Directors for Shared Heritage.
Wordsworth Energy promises to engage in a process of consultation with all relevant stakeholders to promote responsible business practices and conduct Risk Assessment related to the planned activities. Wordsworth Energy shall pursue open, transparent and inclusive process ofconsultations with the Government and all legitimate stakeholders, concerning all decisions related to the development and operation of the extractive industry. Wordsworth Energy shall support environmental protection, in particular nature conservation through reforestation and protection of endangered species and providefunding to the Shared Heritage activities.
Wordsworth Energy would give Shared Heritage annual "rights of audit" throughout the life of the oil field and pipeline operation to ensure that agreed standards are being met.
The company is also pleased to announce that our CEO Sir Conway Dalrymple will sit on the Board of Directors for Shared Heritage.
Subscribe to:
Posts (Atom)