As NRGI gathers data in the effort to improve international benchmarks of national oil company performance and revenue management, figures from Extractive Industries Transparency Initiative reports are proving extremely valuable. This is especially the case in a number of African countries where state companies do not produce detailed financial reports on their own.
Last week the mining industry held the African Mining Indaba, its annual sector meeting in Cape Town. Concurrently, civil society organizations from across the region met for the ninth annual Alternative Mining Indaba (AMI).
Under the new tax system, mining companies that extract metallic or non-metallic minerals are now subject to a 4 percent excise tax on the value of their production—double the previous rate. This excise tax is equivalent to what most countries would label a “royalty” on mineral production. What does this 100 percent increase mean for the sector?
French oil giant Total is the latest company to make a policy statement in support of contract transparency in the extractive industries. This is the first policy statement of its kind by one of the so-called “supermajors”—the world’s largest publicly traded oil and gas companies.
Last week, the government of Ghana followed through on a promise it made in July 2017 by launching a public petroleum register that contains the full texts of petroleum agreements, licenses, permits and authorizations.
If ExxonMobil and Chevron truly support transparency and wish to retain the reputational benefits of leadership in initiatives like the Extractive Industries Transparency Initative, they should support full implementation of Dodd-Frank 1504 in the U.S. (in line with laws in Europe and Canada) and disclose their tax payments in the U.S. and all other countries where they operate.
Yan Naung Oak is a 2017 School of Data fellow for NRGI Myanmar working on data literacy and data availability in the jade mining sector. Last year, he participated in NRGI's massive online open course, Natural Resources for Sustainable Development: The Fundamentals of Oil, Gas, and Mining Governance. These are his takeaways.