Sustainability has been a key foundation of Oil Search’s 92-year history.
Sustainability is embedded across the business and sits at the core of all decisions. It is how we do business.
Our Sustainability Strategy sees Oil Search focus its Sustainability efforts under a 7-pillar Sustainability Model for action; with a series of clear commitments on Climate; Environment; Community; Health and Safety; People, Integrity; and Economic Sustainability to deliver short to medium term sustainability outcomes. The Sustainability Strategy will evolve the business, through ongoing assessment of targeted energy investments and opportunities, whilst being part of the Energy Transition to a lower carbon future.
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Aligned with our ambition to be the preferred energy company for all stakeholders, our climate change and environment commitments include:
reducing GHG intensity by more than 30% across operated assets by 2030
aiming to become a net zero energy company by 2050
investing in growth projects aligned with the objectives of the Paris Agreement
making targeted investments into renewable energy and carbon offsets
protecting biodiversity
reducing our environmental impact
transparently disclosing climate change governance, strategy, risk management, and targets in alignment with TCFD recommendations
We are committed to listening to our communities and partnering with them on youth opportunities that will build long term resilience and sustainability. Opportunities to drive improved health outcomes, gender equality, quality education and sustainable livelihoods.
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To successfully deliver the objectives of our sustainability strategy we identify and respond to issues that are important to our stakeholders and our business. Oil Search’s stakeholders include:
Governments and regulators
Shareholders, lenders, analysts and third-party benchmarking entities
Business partners, suppliers and contractors
Communities
Employees
Non-government and industry organisations
Developing strong, respectful relationships with community members and maintaining open lines of communication with individuals or groups who are interested in or impacted by our activities helps protect our operational stability. Wherever possible, we seek to solicit input from our stakeholders and engage them in decisions affecting their communities. Our community engagement and consultation processes consider local land use rights and cultural heritage and practices. Our information dissemination, negotiation and engagement activities consider local decision-making customs and conventions.
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The Australian Petroleum Production and Exploration Association is the peak national body representing Australia’s oil and gas exploration and production industry.
Oil Search became a member of the Australian Petroleum Production and Exploration Association in 1998.
The PNG Business Coalition for Women is a group of companies and corporate leaders who are working together to drive positive change for women and businesses in PNG.
Oil Search became a member of the PNG Business Coalition for Women in 2015.
The Business Council is the peak body representing the private sector in PNG across all sectors, promoting the importance and role of economic growth, freedom and enterprise.
The Extractive Industries Transparency Initiative is a coalition of governments, companies and civil society. It promotes a global transparency standard that encourages more openness around the payments that governments receive for the use of natural resources.
Oil Search has been an EITI Supporting Company since 2013 and an Oil Search representative is on the PNG EITI Multi-Stakeholder Group.
The International Association of Oil & Gas Producers represents members from the international oil and gas industry. It seeks to promote safe, responsible and sustainable operations.
Oil Search became a member of the International Association of Oil & Gas Producers in 2005 and submits health, safety and environmental data annually for inclusion in the IOGP’s industry performance reports. We are represented on the joint IOGP/IPIECA Health Committee.
The global oil and gas industry association that shares and promotes good practice and knowledge to help the industry improve its environmental and social performance.
Oil Search joined IPIECA as a corporate member in 2017 and plays an active role in several IPIECA working groups and task forces, including: social responsibility, environment, biodiversity, climate change, supply chain, human rights, water and reporting.
A non-profit, peak industry association that represents the interests of the mining and petroleum industry in PNG
PNG Institute of National Affairs is a privately funded, non-profit policy research institute that was founded by concerned individuals from the PNG Government and private sector to promote dialogue and offer alternative advice to the public service on economic and social policy.
The United Nations Global Compact consists of 10 Principles that offer guidance on what constitutes leading practice in sustainability, including human rights, labour, anti-corruption and the environment.
Oil Search has been a signatory to the United Nations Global Compact (UNGC) since 2011 and annually reports on our progress towards implementing the 10 Principles. Oil Search is also a member of the Global Compact Network Australia (GCNA).
The Voluntary Principles Initiative is a multi-stakeholder initiative that promotes the implementation of a set of Voluntary Principles on Security and Human Rights (VPSHR) that guide companies in maintaining the safety and security of their operations within an operating framework that encourages respect for human rights.
Oil Search became a participant of the Voluntary Principles Initiative in December 2016.
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Our sustainability strategy is built to enable continuous improvement, and our targets and initiatives will evolve as we review and evaluate our progress. Sustainability performance is monitored by the Board Sustainability Committee and selected sustainability targets are directly linked to employee remuneration under our short (STI) and long-term incentive (LTI) scorecards.
For further information on our sustainability performance please refer to the 2020 Oil Search Sustainability Reports below and our Data Centre.
