Oil and Gas Industry Guidance on Voluntary Sustainability Reporting

API is pleased to announce the availability of the recently approved Oil and Gas Industry Guidance on Voluntary Sustainability Reporting - Using Environmental, Health and Safety, Social and Economic Performance Indicators.

Beginning in 2001, API and the International Petroleum Industry Environmental Conservation Association (IPIECA) initiated a joint Corporate Reporting Project. API and IPIECA members recognized a growing trend to produce sustainability or non-financial reports within the oil and gas industry, as well as the challenges and difficulties faced by new and existing reporters. To meet these challenges and other issues, an API / IPIECA Joint Corporate Reporting Task Force developed the Oil and Gas Industry Guidance on Voluntary Sustainability Reporting, marking the completion of Phase 2 of this extensive, global effort.

The report is available in pdf format below:

Oil and Gas Industry Guidance on Voluntary Sustainability Reporting
Size: 2 MB | Date: April 2005 | License: Free

The Guidance is intended as a voluntary reference to assist oil and gas companies interested in reporting on their environmental, health and safety, social and economic performance. It creates a common framework for sustainability or non-financial reporting that enables interested audiences and company stakeholders to better understand performance of oil and gas companies that operate anywhere in the world. The Guidance is tailored specifically to the oil and gas industry and is sufficiently flexible to meet individual company needs. It is intended to :

Improve the quality, consistency and credibility of environmental, health and safety, social and economic performance reporting,
Improve internal company data collection efficiency,
Enhance internal and external benchmarking opportunities,
Facilitate stakeholder engagement,
Demonstrate industry commitment to consistent and transparent reporting,
Provide a useful industry refernce position on reporting, and
Enhance the overall reputation of the industry through improved performance and communications.

The development of this Guidance is part of a larger initiative aimed at helping companies and industry associations improve upon the quality, scope, completeness and consistency of reporting on issues commonly included under terms such as sustainable development, social responsibility or corporate citizenship.

The API/IPIECA Guidance seeks to balance the business opportunities of sustainability reporting with the level and pace of disclosure, which is best determined by individual company values and that gives individual companies reasonable reporting flexibility.