EITI countries
Papua New Guinea

Oil Search

Oil Search Limited was established in January 1929. The company has grown into Papua New Guinea’s (PNG) largest company and investor, operating the whole country’s producing oil fields and holding an extensive appraisal and exploration portfolio. Oil Search’s 29% interest in the ExxonMobil-operated Papua New Guinea Liquefied Natural Gas (LNG) project has transformed the company into a regionally significant oil and gas producer. The company operates primarily in PNG but also has activities in Australia, the US, Japan and the Middle East.
Supporter since 2013

Statement of Support

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.

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.

Link to the statement of support on Oil Search's website

Statement of support on Oil Search website