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EITI glossary

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

Payment stream

Refers to the individual methods by which money comes into a company, organisation and/or government. For example, tax is a payment stream, and bonus is a different payment stream

Physical audit

The physical checking or measuring by controllers of the amount of oil, gas and/or minerals that has been extracted, and the arrangements for transporting, processing or selling those resources.

Politically Exposed Person (PEP)

A natural person who is or who has been entrusted with prominent public functions. Often referred to in beneficial ownership legislation.

Process audit

An audit to check the effectiveness of a system.

Production sharing agreement

A petroleum production arrangement in which the contractor bears all costs of exploration and production without such costs being reimbursable if no find is made in the contract area and in which the government and contractor are both paid in the resource produced. For short: PSA.