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:
The EITI Board congratulated Togo on its achievement, noting that the EITI has brought valuable information to the public domain and improved the country’s statistics.
8 May 2018 – Togo was today assessed as having made meaningful progress in meeting the requirements of the EITI Standard. The decision was made by the EITI Board, who commended the efforts of the Government of Togo on progress made in using the EITI to enhance transparency and accountability in the country’s extractive industries.
The Board welcomed the government’s use of the EITI to inform reforms in the mining sector
The international EITI Board today recognised Côte d’Ivoire’s efforts to improve natural resource governance through the EITI Standard. The Board concluded that the country had made meaningful progress in meeting the EITI requirements. The Board welcomed recent reforms to improve the governance of the sector through an online mining cadastre and coverage of the artisanal and small-scale mining sector.
The Board welcomed Senegal’s fast pace and innovative EITI implementation
8 May 2018 - The international EITI Board today welcomed Senegal’s progress in using the EITI to drive government reforms and generate a vibrant public debate on the nascent extractives sector. The Board concluded that the country had made satisfactory progress in meeting EITI requirements, making Senegal the first country in Africa and the fourth EITI implementing country to reach this level of progress.
Yellow: OGP Countries, blue: EITI countries, purple: EITI-OGP countries.
Since its inception, the Open Government Partnership (OGP) has encouraged its resource-rich members to commit to joining the EITI. NRGI carried out a review of commitments made under the EITI and OGP in 2017 and found that 7% of all OGP commitments were related to the extractive sector. Since then, points of collaboration have increased as new issues have come to the fore, especially beneficial ownership,
On 1 May, the UK parliament voted to accept an amendment to the sanctions and anti-money laundering bill on Tuesday that requires the UK’s overseas territories to publish public registers of company ownership by the end of 2020. The territories include Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Gibraltar, Montserrat and the Turks and Caicos Islands.
