The EITI Board approved PNG’s application for EITI Candidate status at its meeting in Oslo on 19 March 2014.
PWYP's Asmara Klein on what civil society in Papua New Guinea expects from the EITI.
43 countries publish roadmaps to disclose the real owners of companies in oil, gas and mining by January 2020. 20 commit to public registers.
The EITI Standard requires that companies that “bid for, operate or invest in extractive assets” should publicly disclose the identity of their beneficial owners. Over the past month, 43 EITI countries have published their plans for how to disclose the real owners of companies in their extractive sector by January 2020.
Papua New Guinea’s first EITI Report highlights the key challenges in management of the sector.
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,
Photo: Head of Papua New Guinea EITI Mr Lucas Alkan (right) being presented a gift by the leader of a civil society organisation in East Sepik Province after completion of an EITI Awareness Roadshow in the capital, Wewak in November last year.
Before Papua New Guinea signed up to implement the EITI Standard in 2013, there was no framework in place for disclosure of revenue streams from the country’s mining and petroleum sector.
Papua New Guinea’s economy slowed down to 2% in 2016 as oil production declined. This is a sharp decline from 10.5% growth in 2015. The 2016 PNG EITI Report explains that the economic slowdown was a result of declining revenues partly attributable to the closure of the two major mines in the country, namely Ramu Mine and Porgera mine. Overall, the mining and petroleum sectors contributed to 3% of government revenue and 84% of total export value.