Enhancing good governance, transparency and high-quality sustainability reporting

SDG Roadmap impact opportunities

Policy and partnerships, Governance and transparency

Ipieca Principles

Over the past decade, businesses, governments, and civil society have made ever-increasing pledges and commitments to address the climate and biodiversity crises. Regulatory, investor, and societal pressures continue to push businesses to measure their impacts and dependencies.

Given that social and environmental risks and opportunities have a strong potential to impact the long-term security and success of a company, sustainability reporting serves as a strategic cornerstone, enabling organisations to effectively confront and counter these emerging challenges.

For example, understanding the sources and quantities of CO₂ and methane emissions is crucial to addressing major emission sources. However, measuring and reporting greenhouse gas emissions (GHGs) involves complexity, uncertainty and varied estimation and aggregation methods. The oil and gas industry developed the first sector guidance to account for and report GHGs in 2004 (Ipieca corporate GHG guidelines). Ipieca members continue to refine technologies and methodologies to more accurately identify and disclose GHG emissions across the value chain.

Through sustainability reporting, energy companies can solidify their strategic resilience and contribute to a just energy transition, ensuring that the shift towards sustainable energy sources is equitable and inclusive, benefiting all stakeholders involved.

Member progress

All corporate and associate members

Produce reports or online content about their sustainability performance*

72% of members

Reference the Ipieca-API-IOGP Sustainability reporting guidance as an important framework for their sustainability reporting on their website or in their latest sustainability report*

More than 50% of members

Reference one or more Ipieca guidance documents in their latest reports…

…as a useful resource for providing sustainability direction in their reporting and/or operations*

28% of members

are supporters of EITI (Extractive Industries Transparency Initiative)**

Examples of member action

Ethics and Compliance Network
Spain
Moeve has established the Ethics & Compliance Network (ECN), a structured initiative designed to embed ethical values across the organisation. Comprising over 70 compliance ambassadors, the network acts as a key channel for promoting integrity, reinforcing compliance messages, and ensuring ethical concerns are addressed at all levels.
These ambassadors serve as listening points within the company, fostering a culture where employees feel empowered to raise ethical issues. Through ongoing engagement, they promote awareness of compliance policies and reinforce the principle that 'We Are All Compliance'. The ECN was a focal point of Ethics Day, where Moeve recognised outstanding contributions through the Compliance Awards 2024.
Moeve’s broader ethics and compliance framework is anchored in its Code of Ethics and Conduct, which applies to employees, subsidiaries, and business partners. Ethical commitments are integrated into employee contracts, mandatory training, and supplier agreements. The organisation also maintains a zero-tolerance policy for violations, ensuring accountability through its Integrity Channel, a confidential and anonymous reporting system aligned with Law 2/2023 on Whistleblower Protection.
To strengthen ethical awareness, Moeve conducts Compliance Talks, workshops, and continuous training. Its compliance management systems are externally audited and certified under ISO 37001 for anti-bribery and UNE 19601 for criminal compliance.
The Ethics & Compliance Network plays a pivotal role in reinforcing Moeve’s commitment to integrity, ensuring compliance remains at the heart of its corporate culture.
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Double materiality in Latin America
Colombia
In sustainability reporting, ‘materiality’ is the process used by organisations to prioritise sustainability issues, with ‘double materiality’ a mechanism to prioritise issues that are relevant to the company from either an impact or financial perspective or both.
Although the application of double materiality methodology is not yet mandatory for industries operating in Latin America, being linked to the value chains of European companies, or the good practice of monitoring trends in sustainability management and reporting, means that companies should start to adopt this approach early when defining their ESG priorities.
Taking into consideration this methodology, the materiality assessment of Ecopetrol has been developed in four steps:
1. Update of the company's stakeholders. This was carried out with the objective of determining the impact materiality.
2. Analysis of the information from internal and external sources to identify the actual or potential impacts that Ecopetrol generates or could generate on the environment and/or society, as well as the risks and opportunities that the environment presents and that have or could have an impact on the company's ability to generate economic value.
3. Selection of material issues. Based on the impacts, risks and opportunities identified, 14 ESG issues were selected and defined as potentially material for Ecopetrol (see below), which were validated with different areas of the company.
4. Evaluation of the issues that were identified. This evaluation was carried out from the perspectives of financial materiality and impact materiality.
In addition, an analysis was developed to determine the relationship between the identified elements, highlighting the importance of managing the elements in an integrated manner.
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The SGE Methodology for LNG cargo
Singapore
QatarEnergy and Chevron have partnered with Pavilion Energy to create a Statement of Greenhouse Gas Emissions (SGE) Methodology. The initiative is one of the first to develop and publish a methodology specifically to quantify the greenhouse gas (GHG) emissions associated with a delivered liquefied natural gas (LNG) cargo.
The SGE Methodology provides measurement, reporting, and verification methodology which compliments common GHG reporting processes to deliver a consistent, verified SGE for each delivered LNG cargo. The SGE Methodology covers operational emissions associated with all life cycle stages from production wellhead to the delivery point, including an incoming ballast voyage and in-port emissions for shipping.
In September 2022, Chevron safely delivered its first shipment of offset-paired LNG cargo. In May 2023, QatarEnergy delivered its first LNG cargo paired with an SGE to Pavillion Energy.
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Joint venture with Siguler Guff for emissions management software
United States of America
Halliburton, in collaboration with Siguler Guff & Company, LP, launched Envana Software Partners, LLC, providing emissions management software solutions for the oil and gas sector.
The Envana™ platform offers SaaS solutions to track greenhouse gas emissions, offering a comprehensive picture to manage and reduce carbon footprints effectively. It incorporates Halliburton's operational expertise and best practices, with future products in development for methane detection and quantification management.
Envana Catalyst, the venture's first offering, increases transparency in environmental impact by tracking emissions from drilling, completions, and production operations, allowing for actionable recommendations throughout the asset lifecycle. It integrates with existing customer software for automated emissions forecasting and tracking. Halliburton Landmark serves as the channel partner, leveraging its global relationships to support sales. Envana Catalyst is available both standalone and integrated into Halliburton's DecisionSpace® 365 suite. The venture aims to bridge corporate sustainability with industry-leading emissions data analytics, facilitating responsible energy development with artificial intelligence and machine learning-driven decision-making.
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Aligning industry association membership with the Paris Agreement
Global
As part of its commitment to transparency on climate action, OMV intends to report not only on its own position and action on climate change but also on the position of industry associations in which OMV is a member.
OMV established a review process in early 2020 to ensure that the main associations in which OMV is a member also support the Paris Agreement. In the first paper in 2020, twelve key industry association memberships were reviewed. In 2021, 16 association were reviewed, and the scope of the review was expanded to cover not just support of the Paris Agreement, but also support of the EU climate targets and the World Bank's 'Zero routine flaring by 2030' initiative. OMV is continuously monitoring this issue and will continue to report on it annually going forward.
In cases of misalignment, especially partial misalignment, OMV will first advocate for changes in the association's position. Where OMV's position and an association's position continue to fail to align, OMV will reassess its membership. If OMV is not able to influence the association to adopt a more aligned position on a highly material issue, it will consider ending the participation or membership.
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Related resources

Good practice guidance, awareness briefings and webinars to support companies to enhance good governance, transparency and high-quality sustainability reporting:

	Type
Sustainability reporting guidance for the oil and gas industry	Good practice guidance	View
Sustainability reporting survey results	Awareness brief	View
Benefits of sustainability reporting infographic	Infographic	View
Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions. Overview of methodologies.	Good practice guidance	View
Addressing uncertainty in oil and natural gas industry greenhouse gas inventories	Good practice guidance	View