OIL Search says payments it makes in royalties, taxes, levies plus other fees and charges to the Government and other stakeholders make up a large proportion of the country’s total private sector income.
The company in a statement said this was one of its most significant socio-economic contributions.
Oil Search made the statement following the recent Transparency International PNG Sir Anthony Siaguru Walk Against Corruption in Port Moresby.
Organisations and individuals who took part were encouraged to be honest, accountable and transparent in their everyday dealings.
Therefore, Oil Search, as an Extractive Industries Transparency Initiative (EITI) supporting company, advocates improved transparency on how these payments are both received and spent.
Oil Search’s commitment to transparency is underpinned by:
- The principles in its social responsibility policy, especially operating with integrity, generating shared value and enhancing social licence;
- its commitment to Principle 10 of the UN Global Compact; and,
- Its support for the implementation of EITI in PNG.
Gerea Aopi, Oil Search’s executive general manager for stakeholder engagement, said: “We have actively encouraged revenue transparency and are long-time supporters of Papua New Guinea’s journey towards EITI compliance.”
“Oil Search operates in a socially responsible manner, with strong values and high standards guiding its way of working.”
Oil Search has supported the Walk since its inception and has contributed close to K100,000 to TIPNG in membership fees over the years.