Block F22: Improving the Public Perception of the Oil and Gas Industry
Presented by Mike Lynn, Oil, Gas & Chemicals leader, Asia Pacific, Deloitte Australia
Globally, stakeholders are increasingly disheartened with business profit at the expense of society. Governments have attempted to balance company profits and competitiveness with benefits to society by introducing policies and regulation. Whilst this has increased corporate social-responsibility spend, it has made little impact. To date, many stakeholders, including governments and communities, continue to believe that oil and gas companies are the sole earners of wealth and that they continue to prosper at the expense of broader society. This prevalent misperception has resulted in a crisis of trust.
Lack of trust brings potential social volatility, which in turn jeopardizes the ‘social license to operate’ of oil and gas companies. How then do they improve their reputations, deal with stakeholder perceptions and demands, achieve a greater socio-economic impact, and meet compliance requirements? Building trust, particularly regarding climate action and sustainability, is a journey toward incorporating a broader purpose and greater transparency. It requires ecosystem-thinking, where companies collaborate throughout the energy value chain on solutions to global problems. For many, it will also demand reimagining stakeholder communication, giving various groups a greater window into the company’s efforts to decarbonize and to develop innovative solutions that benefit society, such as carbon capture, utilization and storage (CCUS) and green hydrogen. This paper explores the potential for bringing the oil and gas sector, government and society together to overcome the trust deficit and generate shared value beyond compliance.
You will enjoy an evening of live music, delicious food, and custom cocktails. Plus, you'll have a sneak peek into The Ion’s new innovation space and meet Dot the Dog—our agile, mobile robot that navigates terrain with unprecedented mobility.