2018 was an eventful year for the EITI. Over USD 150 billion in extractives revenues was disclosed by the EITI countries in total, and over half of EITI’s 51 implementing countries were assessed against the Standard, of which Colombia, Mongolia, Senegal and Timor-Leste reached the highest level of progress. Efforts to tackle hidden ownership, corruption and mismanagement in the extractives advanced, as EITI countries raced ahead, with new laws, regulations and registers in Ghana, Kyrgyz Republic,
Renewable energy policy has more to learn from extractives sector governance than you might think. Here are four lessons the extractives sector can share to improve the chances of a successful energy transition – the switch from a fossil-based energy system to a more sustainable infrastructure, fuelled by clean energy sources
Indonesia’s natural resource history stretches back to its fabled spice islands. Moving forward several centuries to the 1960s, the nation introduced an innovative contract, now typical in the oil and gas sector, called a production sharing agreement (PSA). This type of agreement is currently used in many oil- and gas-rich countries, as a way for governments to obtain a share of the oil and gas produced.
Kosmos Energy has been a leader on contract transparency for many years. Since publishing their first set of contracts for Ghana in 2011, the company has established a policy that they “prefer to make the material terms of [their] Petroleum Agreements (PAs) and Production Sharing Contracts (PSCs) publicly available”. They have filed all of their PAs and PSCs with the United States Securities Exchange Commission and published links to all of these contracts on their website. Sophie Durham,
How EITI is scaling up its collaboration with leading state-owned enterprises (SOEs) to champion transparency in the extractive industries.
There’s a myth that international oil and mining companies are the main players in the extractive sector today. In fact, state-owned enterprises dwarf the private sector companies in terms of reserves. There are currently over 146 SOEs in the upstream oil, gas or mineral sectors globally,
Gold mining is a major source of government revenue in Ghana. How can those impacted by the sector use data on payments made to the government to better understand the revenues the sector generates? And how can this data be used to enhance accountability?
Most of the multinational gold companies operating in Ghana are required to disclose the payments they make to government entities under Canada’s Extractive Sector Transparency Measures Act (ESTMA). Under ESTMA, which came into force in 2015,
The EITI requires mining companies in implementing countries to report taxes and revenue payments made to the government in a standardised format. However, companies’ payments for the procurement of goods and services – in most cases the single largest in-country payment type by a mine site – are not systematically disclosed.
As a member of the Publish What You Pay Canada coalition,
The Africa EITI Conference on Beneficial Ownership Transparency had a powerful opening on Wednesday 31 October, with speeches from HE Macky Sall, President of Senegal and HE Julius Maada Bio, President of Sierra Leone, as well as other high-level government officials. The range of the parallel session topics varied from illicit financial flows to politically exposed persons.
The EITI Board members and around 100 stakeholders gathered in Dakar for the 41st EITI Board meeting, ahead of 250 participants attending the three-day Opening Up Ownership: Africa conference on beneficial ownership, co-hosted by the EITI and the Government of Senegal.
Senegal – new resource-rich country on the block
Beneficial ownership, one of the key themes at the 18th International Anti-Corruption Conference in Copenhagen on Oct. 22-24, can serve as a key weapon in the fight against tax evasion and money laundering.
Money laundering and corruption keeps making headlines. Danske Bank, Denmark’s largest lender, is reeling from a EUR 200 billion money-laundering scandal that erupted in September, the same month Dutch bank ING was hit with a EUR 775 million fine for similar misdeeds.