Oil Search hailed for being financially transparent

Business

OIL Search has been commended by PNG Extractive Industries Transparency Initiative (PNGEITI) for being more financially-transparent in its operations last year with the release of a report.
The Oil Search Transparency Report was released last week and consolidates information on the company’s approach to tax transparency and its socio-economic contributions.
This also includes payments it has made to governments in the countries in which it had a presence in 2017.
These payments represent a meaningful proportion of the country’s private sector income and are Oil Search’s most significant socio-economic contribution.
PNGEITI head of national secretariat Lucas Alkan said Oil Search had been a strong member of the PNGEITI multi-stakeholder group (MSG) – the EITI implementation overseeing body – since its inception in 2013.
“This volunteer publication reaffirms and strengthen its position as a member of the MSG, and also speaks for the degree of Oil Search commitment to the EITI process in Papua New Guinea,” Alkan said.
“We are delighted to say the report conforms to EITI reporting standards and this is indeed encouraging”.
“We also note that the report noted Oil Search’s support for beneficial ownership disclosure.
“PNGEITI will report the real owners of resource companies in its 2020 report.
“We further commend the company on this.
“It’s encouraging to see that Oil Search is commercially and socially responsible in jurisdiction, especially, in a country like Papua New Guinea where issues like corruption concerns many.”