The information presented on this website is a part of ongoing standard development process carried out by EFRAG. Consequently, this content does not represent the official views of EFRAG or any individual member of the EFRAG SRB or EFRAG SR TEG. The final versions of the standard will differ, as it will reflect the completion of the technical discussions that will take place in the future. 

Introduction

On this page, stakeholders can find information related to the development of ESRS for Oil and Gas sector. 

About the sector

The Oil and Gas sector is composed of Upstream, Midstream, Downstream and Services sub-sectors.

Oil and Gas Upstream activities include the development, exploration and production of conventional and unconventional oil and gas reserves. Unconventional development includes the mining and extraction of oil sands, shale oil and gas, deep sea exploration and fracking, among other techniques. Activities of developing and/or operating oil and gas fields occur both for on-shore and off-shore reserves. Activities classified under NACE include B.06.10 Extraction of crude petroleum and B.06.20 Extraction of natural gas.

Oil and Gas Midstream includes the transportation and storage of natural gas, crude oil, and refined petroleum products. Activities involve gathering, transporting and processing of natural gas as well as transport of crude oil and refined products over land (pipelines, truck and rail) or water (tankers and barges). Includes also storage terminals stocking oil and gas above and below ground. Activities classified under NACE include H.49.50 Transport via pipeline.

Oil and Gas Downstream activities include refining and marketing of petroleum products, which includes operating gas stations and convenience stores. Activities classified under NACE include C.19.20 Manufacture of refined petroleum products, G.46.71 Wholesale of solid, liquid and gaseous fuels and related products and G.47.30 Retail sale of automotive fuel in specialised stores.

Oil and Gas Services provide support activities and equipment to the Oil and Gas value-chain. Services include activities such as drilling, completing and equipping oil and gas on-shore and off-shore wells, as well as seismic surveying, well cementing, and well monitoring. The provision of equipment comprises selling or renting equipment used in the extraction, storage, and transportation of oil and natural gas. Services are usually provided on a contractual basis, and equipment is either purchased, leased or rented. Activities classified under NACE include B.09.10 Support activities for petroleum and natural gas extraction.

Integrated oil and gas undertakings are involved in activities in more than one of the above segments, typically across upstream, midstream and downstream activities.

Outreach

EFRAG is happy to engage with you and keep you updated about any developments. EFRAG has created Sector Communities which are constituted by stakeholders interested in the development of ESRS for any given sector. These stakeholders consist of preparers and preparer organisations, civil society members, social partners, investment partners or any other organisations with a particular interest in a specific sector. These communities act as experts which are consulted by the EFRAG Secretariat from time to time as needed. 

If you have any questions on the implementation of the sector agnostic standards please log your question using this link. 

None currently scheduled, but any future meetings will be announced here accordingly.