Transparency and oversight needed for oil to lead to prosperity, says Minister.
Norway EITI published today its fifth EITI Report, which discloses all taxes and other payments to the government in 2012.
Norway’s Minister of Petroleum and Energy Tord Lien said at the publication of the report:
"Transparency and oversight of financial flows from oil and gas are important in order for these resources to be a source of national prosperity. Our oil revenues in 2012 correspond to around 75,000 Norwegian kroner [US$ 13,000] per citizen.”
"Norway's experience confirms that EITI reporting can be straightforward in a country with good governance of its natural resources,“ said the Head of the EITI Secretariat Jonas Moberg at the publication of the report. "Norway continues to provide international leadership. It has contributed to the recent wave of OECD countries announcing to implement the EITI.”
"In 2014 Norway will be preparing to meet the new EITI Standard. Stakeholders will have an opportunity to consider how they can make Norway's EITI more relevant and even more contribute to transparency and accountability of governance of its oil wealth,” he further said.
Norway’s fifth year of EITI reporting
Norway has now completed its fifth EITI Report. The report shows government revenues from the petroleum industry and disaggregated by each licensee on the Norwegian continental shelf. There are about 70 reporting companies. In parallel, government authorities have reported what they received from each company. The report was prepared by Deloitte.
The initial comparison of the figures showed discrepancies between what was reported by companies and by government that added up to US $150 million. Deloitte's work has identified the cause of all of these discrepancies.
Government oil revenues increased from NOK 338 billion (US $60.4 billion) in 2011 to NOK 380 billion (US $65.2 billion) in 2012. The slight increase in revenues stems primarily from higher oil prices. There were no major changes in other factors in 2012.
All the figures, broken down by companies and revenue flows, have been published in an Excel workbook.
Further contextual information about Norway’s petroleum industry can be found in Facts 2013 - The Norwegian petroleum sector. Facts and figures can also be accessed in the government's Oil Facts App for your iPhone or Android phone, available at http://www.oilfacts.no.
Norway will next year publish its EITI Report in accordance with the revised EITI Standard, which requires disclosure of further details from its natural resource management.