This report presents the findings of a six-month study undertaken by the Overseas Development Institute from November 2003 to July 2004. It is a response to an identified ‘economic benefits gap’ inherent in many oil and gas operations around the world. The report explores the positive economic and socio-economic impacts of energy companies on their host society, both the conventional and the less conventional and offers a management framework for improving the systematisation, meaningfulness and influence of economic benefits reporting. The focus of this paper is on the potential economic benefits stream of oil and gas projects, and how company reporting can enhance benefit realisation and enhancement.