Three areas of corporate action are included where disclosure can contribute to improved accountability in the management of extractive revenues: payments to host governments, operations and corporate anti-corruption programmes.

Oil, gas and minerals, or the extractive industries, generate great wealth. Oil export revenues for 2006 alone are estimated to make up approximately 1.8 percent of the World’s Gross Domestic Product (GDP) and more than half of the combined GDP of the 53 lowest income nations. High revenues from the extractive industries have often fuelled corruption, economic stagnation, inequality and conflict. One step towards reversing this curse lies in the transparent and accountable management of revenues generated from the extractive industries. “Oil and gas wealth, if properly managed, should support better services and infrastructure. It should lead to a better quality of life for all citizens. It is the duty of civil society to work with companies and governments to unlock this potential,” said TI Chair Huguette Labelle.

Held at the International Institute for Strategic Studies in London, the evening launch featured a panel discussion on “Turning a transparent profit in the oil & gas industry: Opportunities and challenges for revenue transparency.” Speakers included Vanessa Herringshaw, Director London Office, Revenue Watch Institute; Keith Myers, Partner, Richmond Energy Partners; Juanita Olaya, Revenue Transparency Programme Manager, Transparency International; and was moderated by Michael Peel, legal correspondent for Financial Times.

The Promoting Revenue Transparency Project is run by TI in partnership with the Revenue Watch Institute, and builds on the work of the Save the Children UK ‘Beyond the Rhetoric’ report from 2005. The project aims at making extractive industry revenues of most benefit to society by increasing transparency and accountability.

To read the report and discover more about the project please click here.