We ensure that all the environmental, social, health, and safety guidelines set by the Company are implemented in our operations, whether we work as operators or not.
Before deciding to acquire an asset, we assess the existing and potential risks that may arise in commercial operations. We conduct a due diligence process which includes assessing and managing the risks that may arise in commercial operations, including the acquisition or exchange of assets, mergers, alliances, or joint ventures. These assessments are especially important in sensitive areas, such as areas where indigenous communities live, where there is great biodiversity, or where there is an exceptional security situation.
In cases where we establish alliances with other partners for joint operations, Repsol and its partners define the criteria to be met in all operations. We inform all the parties of the legal requirements through meetings and technical committees. At these sessions, projects are reviewed, experiences are shared, and the impact of operations is analyzed.
When we are not the operator, we consider that our partners must maintain ethical, social, and environmental standards comparable to our own. For this reason, we attempt to use our influence to implement our regulations and management systems, or to ensure that similar principles and systems are used.
We generally use Joint Operating Agreement (JOA) models or joint cooperation agreements that define the responsibilities and limits of each partner in the operation and management of an asset. These models include clauses that are in line with the Company's standards, which in turn follow international standards.
In the specific case of human rights, we have a special model clause in which it is expressly indicated that the operator must respect internationally recognized human rights. This involves both refraining from infringing them and facing up to the consequences of any possible infringement. This model clause refers to the rights set out in the in the International Bill of Human Rights and the principles related to the fundamental rights established in the International Labor Organization's Declaration on Fundamental Principles and Rights at Work.
To check that these are being met, we conduct audits on non-operated assets in which we analyze the operation, taking each partnership's needs and specific features into account. The scope includes, among other things, verifying that contracts are being fulfilled by both the operator and other partners, checking transactions and the distribution of production, examining the internal control processes, and analyzing technical aspects of the operation.