It is imperative to continually assess and reduce all potential risks associated with your suppliers, distributors and partners, and consistently keep track of any changes to their status.
The extractives industry - which includes oil, gas and mining companies - operates through a complex global supply chain and distribution network that involves domestic and international transport, trading, shipping, ordering, and inventory visibility and control.
Due to its large third-party networks that span regions with varying laws, oil and gas companies are highly regulated and need to have a robust due diligence programme to manage and mitigate risks.
A poor third-party risk management programme can expose companies in the extractives industry to a number of operational, integrity and ESG risks. This can potentially lead to enforcement actions and reputational damage.
What is due diligence for oil and gas companies?
The oil, gas and mining companies in the extractives industry operate in a global supply chain and a complex web of international relationships. Suppliers such as domestic and international transport and service providers are often located in jurisdictions affected by political instability, high levels of corruption and environmental risk. Oil and gas companies must always remain vigilant of heightened risk when entering specific markets and establishing relationships in new territories.
From exploration and production, to refining and marketing in the extractives industry, a thorough knowledge of risk in business relationships is essential. To mitigate reputational damage, loss of export licences and potential litigation under anti-corruption legislation, supply chain and distribution networks must be aware of their third parties and how their products are being used.
Protect your business from reputational damage and financial loss
Through our solutions, oil and gas companies can identify, manage and mitigate risks in their business relationships with freight forwarding companies, clearing agents, construction companies, local representatives, vendors and other third parties.
Screen your third parties
Screen for high-risk individuals and entities globally with LSEG World-Check database. This consists of millions of profiles that will help you uncover hidden risks in business relationships. Identify sanctioned entities and individuals in the extractives industry. With adverse media screening, your company can uncover risks indicating a third-party potential involvement in alleged criminal activity that could lead to financial, reputational or other types of risks.
Receive ratings, insights and analysis
Get detailed background checks and analysis of companies and individuals based on your specific interests and risks with LSEG Due Diligence Reports. Our reports deliver accurate risk ratings, so you can make informed decisions when engaging with third parties in the extractives industry – from freight forwarding companies and clearing agents to construction companies and local vendors.
Access our technology platform
Centralise your third-party risk management processes using LSEG Due Diligence Centre. This technology platform will help your extractives company to guide stakeholders throughout the lifecycle of third-party relationships – including initial assessment, onboarding, ongoing monitoring, renewal or end of life.
Partner with us for support
Use our third-party onboarding programmes and managed screening services. Our teams manage your programme through our proprietary technology platform LSEG Due Diligence Centre, creating more efficiency for your oil, gas or mining business.
Why we are trusted worldwide
Uncover background, reputation, ethics and political connections of your third parties to protect your oil and gas company’s reputation while avoiding fines and other risks.
Covering 217 countries combined with our extensive language capabilities, we provide truly global coverage enriched with local knowledge so that you can confidently conduct business in unfamiliar jurisdictions and emerging markets.
Manage and mitigate your regulatory risk by leveraging our industry-trusted and reliable screening and due diligence insights from our team of research specialists, underpinned with industry leading World-Check data, accredited with ISAE 3000 certification.
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