Member companies of Ipieca, the global oil and gas industry association for advancing environmental and social issues, the American Petroleum Institute (API), and the International Association of Oil & Gas Producers (IOGP) have been collaborating on this important Guidance since 2005. Much has changed since the last update of this Guidance in 2015.
Good quality reporting can help you to:
Enhance business value: investor and regulator trust and confidence can grow with evidence that your company is managing risks and taking advantage of opportunities.
Clarify purpose: examples of current initiatives and long-term plans can show how you are addressing strategic issues, and responding to stakeholder responding positively to stakeholder engagement.
Improve operations: by helping employees better understand your company´s sustainability values, performance indicators and external drivers.
Strengthen relationships: stakeholders can gain a source of reliable information to understand and judge your company’s performance.
Enhance credibility: customers, suppliers and wider society can understand the company’s values, brand, operations and products.
Improve access to capital: evidence shows that good sustainability performance can contribute to improved financial performance.
The sustainability reporting guidance for the oil and gas industry is designed to help sustainability managers, communications professionals and environmental, health and safety or socio-economic specialists in oil and gas companies develop voluntary corporate-level reporting for internal and external stakeholder audiences. At the same time, it can also be useful for those providing services to the industry, such as oilfield service companies, contractors, and other stakeholders looking to develop and improve their own reporting practices. Organizations operating at a national, regional or international level can gain value from the Guidance.
'Module 1 – Reporting Process' provides a detailed introduction to sustainability reporting and covers detailed information on 'Why report?', 'How to report' and 'What to report'.
Sustainability in the oil and gas industry can be defined as the practice of managing available resources, investments, and technologies to maintain and optimize operations with an emphasis on safety, reliability, efficiency, environmental, and social awareness.
Reports and analytical assessments that answer relevant business questions serve as the foundation for companies to make fact-based decisions about their path forward. They help companies grow and increase profit and value. Reporting delivers mission-critical information and raises important questions.
Report Writing acts as a decision-making tool that can assist you in making decisions based on facts and evidence. For example, if you are a student, you can write a Report to support your arguments or opinions with data and sources in an essay or a debate.
With rising global demand, highly volatile prices and increasingly stringent environmental regulations, the oil and gas industry faces three major challenges : reduce costs, optimize the performance of its industrial base assets and improve its environmental footprint.
By definition, reporting is primarily the means and measures to collect, process, store and present information within a company. Reporting is also about reducing the complex to the essential. Thus making data accessible in a simplified way for specific target groups and stakeholders.
Effective reporting is only defined by the results obtained by reviewing the report data and making changes to improve performance of the team or individual.
Impact reporting involves collecting data and measuring a organization's impact on various social and environmental factors. This allows organizations to identify areas where they can improve and set goals for future progress.
Companies need incident reporting to keep their workplace safe, accessible, and compliant. It also enables companies to: Learn from mistakes: Incident reporting helps companies identify trends, analyze the root cause of an incident, and make necessary adjustments to prevent similar incidents from occurring.
Introduction: My name is Wyatt Volkman LLD, I am a handsome, rich, comfortable, lively, zealous, graceful, gifted person who loves writing and wants to share my knowledge and understanding with you.
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