EITI calls US withdrawal from the anti-corruption body “disappointing, backwards step”

Must Read

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that...

Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel...

Drill campaign for Liza phase 2 development continues

ExxonMobil, operator at the Stabroek Block offshore Guyana, is moving forward with its development drilling operations for phase 2...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

On Thursday the United States government announced that it was discontinuing EITI implementation with immediate effect. EITI Chair, Fredrik Reinfeldt, issued the following statement:

This is a disappointing, backwards step. The EITI is making important gains in global efforts to address corruption and illicit financial flows. Our work supports efforts to combat transnational crime and terrorist financing. It’s important that resource-rich countries like the United States lead by example. This decision sends the wrong signal.

The United States has been implementing the EITI since 2014. The USEITI multi-stakeholder group (MSG) has been a valuable platform for dialogue, encouraging state and tribal participation. Under the auspices of the EITI, the Department of Interior has made strides in modernising royalty revenue management. The MSG developed a simple procedure to provide greater transparency on corporate income tax payments. Regrettably, the majority of companies declined to report. The disapproval of the SEC Rules implementing the Dodd Frank provisions on the disclosure of payments by resource extraction issuers was a set-back, undermining the EITI’s efforts.

I take this opportunity to thank everybody involved in the USEITI multi-stakeholder group (MSG). I trust the United States government, industry and civil society will continue to support the EITI’s important work internationally.”

- Advertisement -

Latest News

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that...

Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area...

Drill campaign for Liza phase 2 development continues

ExxonMobil, operator at the Stabroek Block offshore Guyana, is moving forward with its development drilling operations for phase 2 of the Liza project. The Noble...

ExxonMobil rips up $30B growth plan

(Bloomberg) -- Exxon Mobil Corp. is ripping up its debt-fueled, $30 billion-a-year plan to rebuild an aging worldwide portfolio after cash flow evaporated and...

UK oil company strikes exploration deal in Jamaica

UK-based United Oil & Gas PLC said on Monday it has received approval from the Jamaican Government to take forward the Walton Morant Licence, Jamaica,...

More Articles Like This