UK government delivers key strand of international transparency agenda

25 Feb 2019 02:42 PM

The UK Extractive Industries Transparency Initiative (EITI) Multi-Stakeholder Group (MSG) yesterday published the latest UK EITI Reconciliation Report for 2017.

This group is a partnership of industry, civil society and government.

Read the 2017 report

Headlines

• Although a voluntary initiative, 58 UK companies (39 oil and gas and 19 mining and quarrying) participated in the 2017 UK EITI process
• in 2017 industry gross value added was £22 billion and net receipts from taxation was £847 million
• the sector is directly responsible for 40,000 jobs, with an estimated total of 280,000 jobs, often highly skilled, supported by the UK upstream oil and gas industry
• exports were £617 million in 2017
• all payments for 2017 have been fully reconciled by an Independent Administrator.

EITI is a global standard to promote open and accountable management of natural resources. It is designed to improve accountability and public trust for the revenues paid and received for a country’s oil, gas and mineral resources.

The UK is a major supporter of EITI’s work across many developing nations, helping those countries manage their natural resources for the long-term benefit of their citizens.

In October 2014, the UK was successfully admitted as an EITI candidate country and is one of 51 implementing countries. The UK is currently undergoing validation to assess whether EITI implementation in the UK is consistent with the EITI Standard. The initial results of the validation will be available shortly.

Find further information about UK EITI and the work of the MSG.