Through the products it provides, the oil and gas industry recognises the important role it plays around the globe and the need to be responsive to interested audiences and company stakeholders. Citizens globally have a natural desire to understand the industry and to participate in open dialogue. One result of this is growing interest for non-financial performance reports to complement the financial reports intended for investors.

The oil and gas industry recognises that reporting on sustainability indicators to those who are affected by, or can benefit from, oil and gas operations and products is a valuable tool in managing and measuring progress. Reporting is also an important approach for developing constructive stakeholder dialogue and thereby fostering a better understanding of stakeholders’ concerns.

In summary, sustainability reporting can:

• Enhance business value
  
• Improve internal operations
  
• Strengthen relationships
  
• Be an important accountability mechanism