Oil and Gas
We support the oil & gas industry with its ESG requirements.
About oil and gas companies
Comprising some of the world’s biggest businesses, oil and gas companies are involved in the extraction of these resources and are crucial suppliers to a variety of sectors such as transportation, heating, and industrial manufacturing.
Their operations are often considered to be risky due to the health and safety risks to employees and contractors involved. Furthermore, oil and gas companies need to deal with the environmental and social impacts of their activities.
Oil and gas phases
Oil and gas operations can be a sizeable and complex task which usually consist of various phases:
- Exploration (upstream)
- Development (upstream)
- Production (upstream)
- Reclamation (upstream)
- Midstream
- Downstream
The challenge
Oil and gas companies need to manage various ESG aspects of their operations.
ESG activities
- Engaging with internal and external stakeholders
- Conducting audits and inspections, and monitoring environmental and social impacts
- Calculating a carbon footprint and setting targets and reduction initiatives
- Dealing with social engagements and grievances
- Procuring a social license to operate (SLO)
- Ensuring that environmental rehabilitation is successful
The solution
IsoMetrix reduces risk, increases ESG operational efficiencies, and improves reporting for oil and gas companies.
Analyze environmental data
Capture, manage and analyze environmental monitoring data, and display information on a variety of environmental sustainability indicators.
Control risks effectively
Ensure that for every process and activity, risks are identified and assessed, and controls implemented.
Capture and record land agreement details
Capture and manage details pertaining to any relevant land agreements, resettlement projects and compensation deals in a central register.
Achieve quality standards
Manage all quality processes and assist in achieving any quality-related certifications.
Facilitate audits
Schedule audits, capture all audit findings, analyze data, and identify areas for improvement.
Manage socio-economic development
Track and manage all aspects relating to socio-economic development such as social initiatives and commitments, and workforce, supplier, and training metrics.
The outcome
By utilizing ESG software, companies in this industry can:
- Identify key areas for improvement and raise their ESG operational efficiencies
- Mitigate their negative social and environmental sustainability impacts
- Obtain and maintain their social license to operate (SLO)
Materiality and double materiality
Materiality refers to those aspects of an organization that are relevant or significant, and which may have negative consequences if not managed correctly. The Global Reporting Initiative (GRI) defines material topics as those topics that represent the organization’s most significant impacts on the economy, environment, and people, including impacts on their human rights.
Double materiality refers a two-pillar approach to reporting. It is not only knowing the ESG-related effects on an organization resulting in financial risks or influencing business value (also referred to as an outside-in view), but the environmental and social impacts that the organization’s operations have on the world (sustainability-related or inside-out perspective).
Double materiality leads to extensive and more engaging internal and external stakeholder interactions in order to better understand their diverse needs, concerns, and interests. It also helps increase focus on sustainable development and value creation, and creates corporate transparency, helping to identify risks and opportunities.
Benefits to using our powerful software
Use our software to comprehensively manage your oil or gas organization’s ESG operations.
✅ Management
Oversee and manage all your ESG data via intuitive dashboards, and powerful data visualizations.
✅ Tracking
Track and organize all your ESG data so that it’s quickly and easily referenced, as well as being fully auditable.
✅ Reporting
Improve collaboration by easily sharing reports between internal departments, and with your external stakeholders.
✅ Frameworks and standards
Avoid fines and penalties by adhering to the latest industry standards and compliance regulations.
✅ Analysis
Analyze your ESG performance metrics to see if you’re on track to meeting your company’s goals and targets.
✅ Customer service
You’ll have an assigned IsoMetrix Client Success Manager, ensuring you get full value from our dynamic software.