Petrobras Named World’s Most Sustainable Oil/Gas Company 2008 by M&E

Companies with Largest Reserves Have Poorest Governance

MADRID, Spain — Petrobras is the world’s most sustainable oil/gas company according to the 5th annual oil/gas ranking by the sustainability research and rating firm Management & Excellence (M&E, Madrid & Sao Paulo). The M&E ranking, marketed with Oil&Gas Journal Online, measures oil/gas companies’ compliance with 387 accepted international standards in sustainability, corporate governance, social responsibility, ethics and transparency.

The guidelines are taken from institutions such as SEC, Sarbanes-Oxley, national laws, Dow Jones Sustainability Index, OECD, industry benchmarks, GRI, ILO, ISO, EITI, reserves accounting, Global Compact, Millennium Goals, and others. The annual study is considered the most detailed benchmark on sustainability in the industry.

Petrobras, once known for sinking oil rigs and strikes, was re-elected to the Dow Jones Sustainability Index, an indicator where StatoilHydro holds the industry record of 79 points. Petrobras’ Board consists of all independent directors, except the CEO. The Brazilian company’s “Zero Hunger Program” entered into 18,000 partnerships helping nearly 11 million people over the past four years. BP rebounded following the 2005 explosion in its Texas City complex, oil spills in Alaska and the resignation of its former CEO Lord Browne, investing $1.7 billion in its U.S. operations for “integrity and reliability.”

Companies with the poorest governance and sustainability practices generally controlled the largest oil/gas reserves. The three state corporations PDVSA, Saudi Aramco and Abu Dhabi NOC in part scored zero in governance but together control 430 billion barrels of oil, compared with ConocoPhilips’ 9,4 billion or ExxonMobil’s 22.7 billion.

Most Sustainable Oil Companies 2008 (compliance scores)

1. Petrobras		92.25%
2. Total		91.21%
3. BP; StatoilHydro	89.15%
4. (tie at #3)
5. Shell		87.86%
6. ENI			78.55%
7. Repsol		74.68%
8. OMV			73.39%
9. Chevron		72.87%
10. ConocoPhilips	72.35%
11. ExxonMobil		67.96%
12. Pemex		66.93%
13. Marathon		66.67%
14. Lukoil		55.81%
15. ENAP		40.31%
16. Gazprom		40.05%
17. Petrochina		37.47%
18. ADNOC		31.78%
19. Saudi Aramco	29.72%
20. PDVSA		12.92%

A second M&E study ranks 5 major players in the oil/gas service business which are following in the footsteps of their bigger clients. Yet only Schlumberger and Halliburton achieve above-average compliance levels, with Schlumberger the only member of the Dow Jones Sustainability Index.

Most Sustainable Oil/Gas SERVICE Companies 2008

1. Schlumberger		72.68%
2. Halliburton		65.92%
3. Baker Hughes		47.04%
4. Cameron		34.93%
5. Weatherford		30.14%

Additional information:
M&E: Telephone (0034) 91-5902950
info @management-rating.com

Web: http://www.management-rating.com

[tags]Management and Excellence SA, Sustainable Oil Gas Company[/tags]

About Aria Munro

ABOUT THE EDITOR: Aria C. Munro works in the book publishing industry and has been a content editor for the Neotrope News Network since 2004. Her black video iPod is most often shuffling Invader Zim episode vids and Thomas Dolby or Dead Can Dance tunez.

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