promoting revenue transparency /surveys_indices/policy

Promoting Revenue Transparency Project

TI calls on leading oil and gas companies to increase revenue transparency

New report shows companies should provide greater accountability

A majority of leading oil and gas companies are far from transparent when it comes to the payments they make to resource-rich countries, leaving the door open to corruption and hampering efforts to fight poverty, according to a report published today by Transparency International (TI).

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Fact Sheet on the Oil and Gas Sector
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	Introduction

The Promoting Revenue Transparency Project is run by Transparency International 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 Promoting Revenue Transparency Project seeks to raise awareness in both government and the private sector of the various steps required for revenue transparency to be achieved, sustained and mainstreamed.

Oil, gas and minerals, or the ‘extractive industries’ generate great wealth. Oil export revenues alone were estimated at US $866 billion for 2006[1]. This represents approximately 1.8 percent of the World’s Gross Domestic Product (GDP) for that year and more than half of the combined GDP of the 53 lowest income nations in the same time period.[2].

High revenues from the extractive industries have often fuelled corruption, economic stagnation, inequality and conflict. This paradox has been labelled the ‘resource curse’. One step towards reversing this curse lies in the transparent and accountable management of revenues generated from the extractive industries. For more information, click below or navigate using the left hand menu.

Footnotes
[1] Nominal billion of US $. Source: US Energy Information Agency (EIA). OPEC Revenues Fact Sheet and Major Non-OPEC Revenues, Jan. 2006.
[2] World GDP for 2006 in billions is US $48.245 and US $1.612 for Low Income Countries. Source: World Development Indicators 2006, World Bank, TI calculations.