First EITI Report covering mining, oil and forestry highlights opportunities for improving sector governance.

Malawi published its first EITI Report for 2014/2015 in April 2017.  The mining sector in Malawi accounts for less than 1% of the country’s GDP and about 1% of government revenue, but developing the sector has become a government priority. The petroleum sector is at exploration stage.

Seeing the woods from the trees

UK EITI Report reveals a third consecutive year of loss in the sector.

The UK is the world’s 21st largest producer of oil and gas. 2015 saw a dramatic fall in the global oil price from USD 99 in 2014 to USD 52 a barrel. This meant that it was a tough year for the industry globally with investment in the sector in the UK significantly reduced.

Findings underscore need to improve tracking of revenue flows to clarify fund utilization.

Papua New Guinea’s Liquefied Natural Gas (PNG LNG) project came online in 2014, increasing government revenues and reliance on the extractive sector.  According to PNG’s EITI Report for 2014, the country saw 8% economic growth in 2014, 91% of which was attributed to the extractive industries. This growth was largely driven by the first exports from the PNG LNG project,

Colombia reaffirms its commitment to the EITI.

Thursday 9 March 2017 – Colombia’s President Juan Manuel Santos met the EITI Chair Fredrik Reinfeldt in Bogota. Speaking on his government’s commitment to the EITI, President Santos said:

“The EITI is important for us and we are keen to learn from EITI and adopt state of the art on transparency practices and good governance of the oil, gas and mining sector”.

Board agrees how to require project-by-project reporting and decides the status of seven countries.

Thursday 9 March, Bogota – The EITI Board today decided how the EITI is requiring that reporting has to be done at project level in the 51 implementing countries. With this decision, the EITI remains the leading standard for transparency in revenues.

Armenia becomes the 52nd country to implement the EITI.

The EITI Board today approved Armenia’s EITI candidature application.

Armenia is a landlocked country situated in the southern Caucasus and bounded by Azerbaijan, Georgia, Iran and Turkey. The mining sector is the fastest growing part of the Armenia’s economy. According to the Centre for Responsible Mining, the mining industry contributed just less than 5% to country’s GDP in 2013[1].

EITI Report a stark reminder of how low oil prices affect Iraq economy.

Iraq’s parliament approved the national 2015 budget following weeks of debate about the effect that lower oil prices would have on the economy of OPEC’s second largest oil producer. Starting with an initial estimate of USD 60 per barrel (BBL) in earlier drafts, the budget was finally approved on the basis of a lower estimate, USD 56 per BBL. According to the latest report published by Iraq EITI, covering the fiscal year 2015,

The African island nation makes meaningful progress and is making information about the nascent petroleum sector available to the public.

Wednesday 8 March - The EITI Board declared that São Tomé and Príncipe has made meaningful progress in implementing the EITI Standard. Validation is the EITI’s independent evaluation mechanism.

View the full decision including the scorecard and supporting documentation

EITI Validation points the way forward for the new national body. 

Wednesday 8 March 2017 – Today the international EITI Board agreed that the Kyrgyz Republic has made progress overall against the EITI Standard but significant areas of concern needed to be addressed. Having been compliant with the EITI Rules since 2011, this is the first time Kyrgyz Republic is tested against the EITI Standard.