Adoption of International Environmental Standards by Transnational Oil Companies: Reducing the Impact of Oil Operations in Emerging Economies

Abstract

In the absence of adequate environmental laws and enforcement in emerging economies, there have been calls for oil companies voluntarily to adopt ‘best practice’ in emerging economies. This article examines five environmental practices that can be seen as ‘best practice’ through their endorsement in national and international oil industry association guidelines, and which will, when adequately implemented, reduce the negative impacts of oil exploration and production.