Publisher: 
EITI
Publication Type: 
Guidance note
Published Date: 
May, 2017

Guidance note 26 - Reporting on first trades in oil

Guidance note 26 – Requirement 4.2

This guidance note is the first effort by the EITI Working Group on Transparency in Commodity Trading to assemble guidance on ‘first trade’ reporting in oil. The guidance has three intended audiences: first, the EITI MSGs in implementing countries that will determine their respective country’s approach to reporting in this area; second the governments and SOEs that sell commodities, which can opt to directly disclose further information about these transactions; and third, buying companies who can use the guidance to inform their own reporting, or draw on it to achieve compliance with EITI MSG set reporting requirements in EITI implementing countries where they execute sales.

The guidance contains the following sections:

  • Section 1: A model reporting template on ‘first trades’ of the state’s share in oil production. This section sets out core and additional data that could be reported to meet EITI standard requirements and allow for the efficient and effective interpretation and utilization of data by third parties.
  • Section 2: Reporting contextual information about ‘first trades’. This section identifies the types of contextual information that a government, NOC or EITI Report may disclose, in order to ensure that stakeholders understand the commodity sale process and its role within the wider extractive sector and commodities supply chain.
  • Section 3: Reporting on special cases of oil sales. This section identifies several types of special cases of oil sales and offers recommendations for how to report them. 
  • AnnexSeparate excel sheet attached below containing Standard Template for Reporting on 'First Trades' (cargo by cargo disclosure example)
This document is a product of the EITI Working Group on Transparency in Commodity Trading. The working group’s members include BP, DFID, GNPC, NNPC, Mercuria, The Natural Resource Governance Institute (NRGI), RCS Global, SKK Migas, SECO, Shell, Statoil, STSA, Swissaid, Trafigura and Vitol. The Natural Resource Governance Institute (NRGI) and the advisory group RCS Global produced the guidance. Working group members provided comments on an initial draft at an in-person in October 2016. They then commented in writing and via teleconference on the second and third drafts, before agreeing to make the current version available to EITI stakeholders. This guidance is a living document, and will be revisited periodically as lessons emerge about good practice in reporting.