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The EITI Board commends São Tome and Principe (STP) for its continued commitment to improving transparency in petroleum operations and revenue management ahead of any potential production.

29 June 2018 – São Tome and Principe was today assessed as having made meaningful progress in meeting the EITI Standard. In making its decision, the EITI Board acknowledged the significant efforts of STP in addressing its corrective actions raised from the first Validation – the EITI’s quality assurance m

EITI-Colombia has published verified revenue information, shone a light on revenue distribution to regions and started to tackle challenges in environmental regulations.

Colombia was assessed today as the first country in the Americas to meet all the requirements of the EITI Standard. The EITI Board reached that decision in its meeting in Berlin today. The Board found that Colombia had demonstrated satisfactory progress in all requirements of the EITI Standard.

The EITI Board today approved the Netherlands’ application to join the EITI.

The Netherlands has been closely involved with the EITI since its inception, and has now made the transition to being both a ‘supporting’ and ‘implementing’ country.

The Netherlands’ admission to the EITI is timely, as it faces changing circumstances in its gas sector. The Groningen gas field in the north-east was discovered in 1959, and is one of the largest gas fields in the world.

The country currently has limited activity in mining at this time and has decided to withdraw

The Solomon Islands withdrew from the EITI due to limited activities in the country’s extractive sector. In a letter addressed to the EITI Board, Solomon Islands’s Deputy Prime Minister for Finance and Treasury, Manasseh Sogavare, said that while the Solomon Islands government remains committed to implementing the Principles of EITI,

President Bio launches review of mining sector.

Newly-elected President of Sierra Leone Julius Bio set out his national agenda on natural resources during his ‘State of the Nation’ address on 10 May 2018. Among his priorities is a review of the mines and minerals act of 2009 and the mining lease agreements, enactment of the Extractive Industry Revenue Bill and the establishment of a Natural Resources Account for all revenues generated from extractives. “My government”, President Bio added,

North Sea production and revenues rise for the first time in three years

The United Kingdom is the world’s 22nd largest producer of oil and gas. In addition, it produces small amounts of coal, industrial materials such as kaolin and potash, and construction materials. Overall, the extractives sector contributed a gross value-added of almost USD 30 bn to the UK economy in 2016. According to the UK Office for National Statistics, 35,500 people are directly employed in the extractives sector,

As oil prices reach 2014 levels, Nigerians wonder whether they are better placed to take advantage of future commodity booms.

The fall in commodity prices impeded growth in African countries, decelerating the pace of economic expansion in the continent to levels not seen since 2009. Higher oil prices are expected to provide some respite,

The 2016 report confirms Trinidad and Tobago’s sharp decline in extractives revenues and draws attention to areas of concern including unpaid transfer licenses fees, unpaid payments from quarries, weak auditing practices in companies and government agencies, and poor production data.

Decline in revenues stresses the need for optimal revenue collection

On 11 May,

Establishing an evidence-based approach to reforms, in a land where rumours are rife.

In Albania, citizens are unaware of how much extractive companies have been paying and contributing to local communities.

EITI reporting revealed local government units (LGUs) have often not been receiving their statutory share of royalties. In the past,

Jonas is the first Executive Director of the EITI. He established the EITI International Secretariat in Oslo. The International Secretariat supports the implementation of the EITI across the world. Prior to the EITI, governments and companies did not regularly disclose revenues. Since its inception, USD 2.4 trillion has been disclosed by EITI countries along with other information about the governance of the whole extractives sector in over 50 countries.

Fredrik Reinfeldt, EITI Chair said:

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