Voluntary initiatives in the oil and gas industry are important to consider for both existing oil and gas producers and those considering ventures in oil and gas. While voluntary standards are set by non-governmental regulators, adherence to these standards is important if your company is pursuing ESG initiatives for growth.

Below are three things to know when exploring voluntary initiatives in oil and gas:

1. Is Certification Available?

Whenever an oil and gas producer embarks on a voluntary initiative involving certified or responsibly sourced natural gas and similar products, it’s wise to see if a registered certificate or tradable instrument is available. A verifiable certificate that can be produced at will is important when seeking investments from entities that expressly want companies that adhere to voluntary standards. Failure to produce a certificate demonstrating your company’s commitment may mean losing out on funding.

2. Is Auditing Available?

Having an audit completed by an independent third party can further help to demonstrate your company’s commitment to upholding natural gas voluntary standard initiatives. Third-party auditors will likely need to review data on a preliminary basis and provide your company with information about what data will be measured in the future. During the actual audit, historical data is usually reviewed and scored based on criteria agreed upon during your company’s initial meeting with the auditing organization. Having a record of this audit can once again go a long way in providing demonstrable proof that your organization is committed to upholding a natural gas voluntary standard.

3. Is the Initiative Accepted Globally?

Lastly, your organization will want to determine whether any voluntary initiative it takes part in is recognized globally. Although the oil and gas industry in the United States has some fairly straightforward expectations for oil and gas producers, other countries don’t necessarily adhere to the same standards. When trying to find initiatives to get behind, consider looking for programs and standards that are recognized more widely across the planet. This can open up more opportunities for your oil and gas operation to grow.

Author Resource:-

Emily Clarke is providing info about a single platform for your oil and gas software solutions. You can find her thoughts at gas trading software blog.