Contracts with IOCs

IOC Benefits in Contracting Petrogas Field Services Limited

Petrogas understands that companies are affected by the actions of their contractors. Naturally, IOCs carry out due diligence reviews in compliance with regulations in the U.S. and Europe relating to Know Your Customer (KYC), Anti-Money Laundering (AML) and Anti-Corruption, plus the Sarbanes-Oxley and Dodd-Frank legislation, which impose significant requirements for oil companies.

Why Petrogas Is Unique:

  1. Petrogas places a high priority on compliance with the Tanzanian and international laws including strict adherence to the United States Foreign Corrupt Practices Act (US FCPA). We have processes and policies in place to provide that kind of assurance to our foreign clients operating locally in Tanzania.
  2. Petrogas is amenable to contract provisions that permit our clients to perform audits of our expense records to assure themselves that the owners of Petrogas or its employees have fully complied with all Tanzanian and international regulations and contract requirements.
  3. Petrogas adheres to strict confidentiality provisions that preclude its owners or any of our staff to reveal any information on client activities to unauthorized parties
  4. Petrogas, its subsidiaries, and subcontractors have adopted a resolution that expressly prohibits any sharing of third-party confidential or proprietary information amongst them.
  5. Petrogas is a formal organization that has specific roles and segregated duties including administrative officer, finance officer, marketing officer, business development manager, advisors, and drivers.
  6. Petrogas is willing to agree to terms and conditions imposed by its clients required to comply with pertinent Tanzanian and international laws.
  7. Petrogas follows strict conflict of interest practices with respect to client activities.
  8. Petrogas possesses internal competencies in its field and has demonstrated capabilities to consistently access external competencies as needed by its clients.
  9. Petrogas accurately and fairly represents its clients' interests. These include making regular contacts with the client and their customers; communicating openly, promptly and accurately about any customer issues or requests; and reliably making logistical arrangements.
  10. Petrogas has sufficient funding and access to credit facilities to pay its obligations instead of depending solely on advance payments from its clients.
  11. Petrogas is Tanzanian owned, registered and managed
  12. Petrogas does its banking in Tanzania and invests in the local economy
  13. Petrogas has a Board of Advisors comprised of local and international professionals including oil and gas subject matter experts
  14. Petrogas is decidedly local—with a global reach.