API, IPIECA and OGP present a major update to the Oil and gas industry guidance on voluntary sustainability reporting.
The Guidance draws on unparalleled industry expertise and knowledge with contributions from hundreds of professionals from across 20 oil and gas companies and 6 industry associations. The development process in the update of the Guidance was accompanied by candid insights and advice from a 5 member independent Stakeholder Panel of leading experts. This update represents industry consensus on the most prevalent sustainability issues and indicators resulting in the most practical, authoritative and comprehensive guidance available on sustainability reporting for oil and gas companies.
The Guidance will help companies engage with stakeholders, improve performance, and strengthen dialogue and understanding on a full range of sustainability issues. It has been designed to be the primary document to assist both new and existing reporters develop and improve their reporting processes. Each indicator has three levels for reporting, offering companies a choice on depth and detail. This flexibility is provided to enable both experienced and new reporters to focus on their most important issues at a level appropriate to their business needs and stakeholder expectations.
Additionally, the Guidance is a comprehensive reference aimed at helping company sustainability managers, communications professionals, and environmental, health and safety, or socio-economic specialists develop corporate-level reports for internal and external stakeholder audiences. It can be used to report performance to different audiences in different ways—for activities across a corporation or in a single country, for large projects or for a single operation.
The Guidance provides three types of assistance helping companies decide:
- ‘why’ to report, by describing the benefits of reporting;
- ‘how’ to report, by describing a six-step reporting process, and
- 'what’ to report, by providing options for developing the content of the report.
When looking at ‘how’ to report, the Guidance provides step-by-step support for developing a sustainability report; from setting the context, to determining the issues and then selecting the indicators. The Guidance also has focused advice on how to encourage stakeholder engagement.
When it comes to selecting ‘what’ to report, the Guidance provides a set of performance indicators appropriate to sustainability issues in the industry. Each indicator provides a choice of reporting elements depending on the depth or accuracy required. A list of these indicators include:
- Health and safety
- Social and economic
Relationship to GRI guidelines
IPIECA and the Global Reporting Initiative (GRI) are each developing guidance to advance sustainability reporting in the oil and gas industry. As part of this process, ongoing dialogue, meetings, coordination of work programmes and sharing of draft materials has occurred through the members in common of the IPIECA Reporting Task Force and the GRI Sector Supplement Oil & Gas Working Group.
For more information and examples of corporate reports, visit the IPIECA website.