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Oil and gas companies

Oil Search

Oil Search Limited is an energy company. Established in 1929, its Purpose is to deliver low cost, high-value energy that meets society’s needs. The company has a focused portfolio comprising: 1) 29% interest in the Papua New Guinea (PNG) Liquefied Natural Gas (LNG) Project (operated by ExxonMobil); 2)operated oil and gas assets in PNG which contribute 20% of PNG LNG gas and produce all of PNG’s oil; 3) 51% interest in our Alaska oil assets which are the largest recent US onshore oil discovery; and 4) 22.8% interest in Papua LNG, a brownfield LNG growth opportunity.

Oil Search supports and advocates for improved transparency. We believe transparency is important because it empowers policymakers and citizens, in resource-rich countries, to ensure wealth generated by extractive industries is used to fund economic and sustainable development and reduce aid dependency. It enables investors to better assess the financial and political risks to which extractive companies are often exposed. It fosters stronger local institutions and governance and, as a result, a more stable operating environment. It also helps to mitigate the risk of corruption and enables populations to hold their governments to account.

Statement of Support

Engagement with the EITI

Oil Search has actively participated in Papua New Guinea’s Multi-Stakeholder Group (MSG) since 2014 when the EITI Board approved Papua New Guinea’s application to become an EITI candidate country. The company has actively encouraged revenue transparency in countries where it operates and it has been a supporter of Papua New Guinea’s journey towards implementing the EITI Standard.

For many years, Oil Search published its payments made to Papua New Guinea’s government in local newspapers and it has voluntarily disclosed its payments to governments in countries where it operates as part of its Transparency Report and in its Data Centre. The company also provides this data to local MSG’s for inclusion in country reports. Oil Search’s 2019 Transparency Report can be seen here.

Strengthening transparency

Oil Search supports the introduction of a public register of beneficial ownership of resource companies and licence interests in Papua New Guinea, Alaska and Australia. In December 2016, the Papua New Guinea government published a roadmap highlighting the need to include beneficial ownership disclosure in its national priorities. Since then, Oil Search has supported this process as it makes a positive contribution to transparency and accountability in a manner that is consistent with the EITI Principles.

The company actively participates in consultations with the relevant tax authorities in countries where it operates. It is also a member of the Papua New Guinea Chamber of Mining and Petroleum sub-committee that engages with the Internal Revenue Commission, International Monetary Fund and Department of Treasury on tax reform matters.

Learn more about the company's sustainability efforts on their website.

EITI countries