Extractive Industries Transparency Initiative (EITI)
More than half the world’s population lives in countries rich in crude oil, natural gas and minerals. These resource-rich countries have the ability to generate revenues to facilitate their own economic development and reduce poverty. Our company believes that the disclosure of revenues received by governments and payments made by extractive-industry companies to governments could lead to improved governance in resource-rich countries. The transparent and accurate accounting of these funds contributes to stable, long-term investment climates, economic growth and the well-being of communities.
Our commitment to promoting revenue transparency is reflected in our participation as a voluntary, multinational, government-led industrial transparency guideline, of which AHPE is one of the longest continually serving members of the international board.
More than 40 countries are now undertaking EITI’s external validation process to ensure they are implementing the program according to agreed-upon standards. AHPE currently operates and has a non-operated working interest in 10 EITI-implementing countries: Azerbaijan, Colombia, Indonesia, Iraq, Kazakhstan, Liberia, Myanmar, Philippines, Sierra Leone, Trinidad and Tobago
We believe that the EITI’s multi approach, which ensures the full representation of governments, extractive-industry companies, civil society and the public, is the best approach for providing transparency between company payments and government revenues in resource-rich countries.
We will continue to work constructively with others involved in revenue transparency initiatives that strive to provide communities of resource-rich countries with information they can use to reduce corruption and improve governance.