An oxidation catalyst composite for abatement of exhaust gas emissions from a lean burn engine is provided, the catalyst composite including a carrier substrate having a length, an inlet end and an outlet end, and an oxidation catalyst material coated on the carrier substrate. The oxidation catalyst material can include a first layer and a second layer. The first layer can include a first oxygen storage component that includes ceria and is impregnated with a palladium (Pd) component and a second component including one or more of magnesium (Mg), rhodium (Rh), and platinum (Pt). The second layer can include a refractory metal oxide component impregnated with platinum (Pt) and palladium (Pd), wherein the ratio of Pt to Pd is in the range of about 0:10 to about 10:0.