Oil Search Limited
About Oil Search Limited
Oil Search was established in Papua New Guinea (PNG) in 1929. More than 98% of its assets are in PNG, where it operates all of the country’s producing oil fields, holds an extensive appraisal and exploration portfolio and has a 29% interest in the PNG LNG Project, operated by ExxonMobil PNG Limited. This world-class liquefied natural gas (LNG) development, which came on-stream in 2014, has transformed Oil Search into a regionally significant oil and gas producer, with a long-term, low cost, high quality LNG revenue stream. The Company also holds a 23% interest in PRL 15, operated by Total SA, which contains the world-class Elk-Antelope gas fields. Please see this Supporting Company form for more detail about Oil Search Limited.
Engagement with the EITI
Oil Search Limited has been an EITI supporting company since 2013 and has published payments data since 2012. The company has also been actively involved in the EITI process in Papua New Guinea through a membership in PNG's EITI multi-stakeholder group. Oil Search has actively encouraged revenue transparency and supported PNG’s journey towards EITI compliance for many years including:
1. Participation on PNG’s EITI Multi-Stakeholder Group (MSG)
2. Publicly disclosing the payments that Oil Search makes to the PNG Government and other governments where it operates, and providing this data to local MSG’s for inclusion in country reports
3. Working with the PNG Government, civil society and our industry peers to advocate the formal adoption and implementation of EITI in PNG.
Financial contribution to international management of the EITI
Oil Search Limited contributes annually to the EITI. In 2019, it has contributed USD 40,000.
Oil Search Limited's statement of support
Oil Search pays millions of dollars every year in royalties, taxes, dividends, levies and other fees and charges to governments in countries where we operate. In PNG, this makes up a large proportion of the Government’s revenue from the private sector and is one of our most significant socio-economic contributions. We support and advocate for improved transparency around how these payments are received and spent.
Transparency is important because it:
• Empowers policy-makers 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.
• Enables investors to better assess the financial and political risks to which extractive companies are often exposed.
• Fosters stronger local institutions and governance and, as a result, a more stable operating environment and level playing field for our industry.
It also helps to mitigate the risk of corruption and enables populations to hold their governments to account.
Our commitment to transparency is underpinned by:
• The principles in our Social Responsibility Policy, especially Operating with Integrity, Generating Shared Value and Enhancing Social Licence.
• Our commitment to the UNGC
• Our corporate and local support for the implementation of EITI in PNG.
We have actively encouraged revenue transparency and are long-time supporters of PNG’s journey towards EITI compliance. For many years we published and promoted our payments in local newspapers and we have voluntarily disclosed our payments to governments in countries where we operate as part of our Transparency Report and in our Data Centre.
We became an EITI Supporting Company in 2013 and actively participate in PNG’s EITI Multi-Stakeholder Group (MSG). We support the introduction of a public register of beneficial ownership of resource companies and licence interests in PNG, Alaska and Australia.
In 2014, the EITI Board approved PNG’s application to become an EITI candidate country. We continue to work with the PNG Government, civil society and industry peers to support implementation of the EITI in PNG.