While the Australian government refuses to set a price on carbon, energy company Oil Search is setting its own carbon prices for its global projects.

Oil Search tested its portfolio of projects in Papua New Guinea and the US against climate change scenarios from the International Energy Agency and Greenpeace’s highly ambitious global total decarbonisation plan to examine its asset resilience in a changing world and set an internal carbon price to help manage it.

For projects in PNG, Oil Search has set a $US25 price per tonne and a $US40 price for its projects in Alaska, in the US.

"An internal carbon price embeds awareness and consideration of climate risks in decision making," Oil Search said.

It said this internal pricing helps the company to ensure carbon price risks are assessed and managed in the same way as any other financial risk and allows Oil Search to consider the future risk of carbon costs when making major investment decisions.