News / Africa

New Standards Approved for Extractive Industries

Pipelines criss-cross at the Paloch oil field in South Sudan on Sunday, May 5, 2013.
Pipelines criss-cross at the Paloch oil field in South Sudan on Sunday, May 5, 2013.

Multimedia

Audio
Joe DeCapua

New performance standards have been announced (5/23) for oil, gas and mining companies, requiring them to be much more transparent in their business dealings.


The Extractive Industries Transparency Initiative approved the new performance standards at a meeting in Sydney, Australia. Created in 2003, the initiative includes government, business and civil society representatives.

Among those supporting the tougher standards is Alexandra Gilles, head of governance at the Revenue Watch Institute, which monitors extraction industries.

She said, “Extractive Industries Transparency Initiative, or EITI, is a voluntary standard of disclosure in the oil, mining and gas sectors. The countries sign-up to the EITI and in doing so agree to release certain kinds of information about their extractive sectors.”

Up until now, the initiative simply required the release of revenue data.

“So the governments had to disclose how much money they received from oil, gas and mining companies and the companies had to disclose how much they paid to the governments. And then those two sets of figures were reconciled by an independent auditor. So, it was a really important step forward in terms of advancing transparency and knowing how much money enters into these governments, she said.

But Gilles said that wasn’t enough to ensure complete transparency.

“As we know, the oil, gas and mining industries are very complicated and involve a whole series of decisions that have to be made in order for countries to really benefit from these resources.”

Under the new standards companies will release information on production volumes, corporate social responsibility payments and money transfers from national to local governments. They also call for countries to disclose all the licenses they’ve awarded.

“This sounds really basic,” she said, “but in a number of countries, such as Kazakhstan and Mozambique, we don’t even know which companies hold licenses.” 

She said that in the past, the EITI did a poor job of monitoring national oil companies. She describes them as the dominant players in such countries as Iraq and Nigeria.

“In resource rich countries, there are over one billion people living on less than five dollars a day. So, there’s this huge development challenge to turn oil, gas and mine resources into development outcomes in order to reduce poverty and increase economic growth. Now that only happens if these resources are managed properly,”

Nearly 40 countries, including the United States, are part of the Extractive Industries Transparency Initiative. For some, there’ll be about a year-long transition period to meet all the new requirements.

You May Like

Mali's Female Basketball Players Rebound After Islamist Occupation

Islamist extremists ruled northern Mali for most of 2012, imposing strict Sharia law, and now some 18 months later, the region is slowly getting back on its feet More

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

Many Chinese-made products go unsold, for now, with numerous Vietnamese consumers still angry over recent dispute More

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.

AppleAndroid