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EITI glossary

This glossary is compiled by the EITI International Secretariat and is only provided as a resource.

Financial audit

In the EITI context, this is a process of obtaining, verifying, potentially reconciling, and reporting financial or physical information relevant to the extractive industries.

Fiscal year

The period which a country calculates its financial year. This may differ from the calendar year.


The conversion of a unit of production (e.g. a barrel of oil) into monetary terms. For example, when oil is measured at the wellhead the measured quantity is then priced for purposes of calculating the government’s tax or royalty.

Flow rate

The volume or quantity of oil or gas coming out of a well or flowing through a pipeline. The flow rate is often measured in oil field units, such as “barrels per day” or “millions of cubic feet per day".