Protecting our people’s patrimony

 THE upbeat Sunday Express editorial headlined “T&T’s oil riches keep promise” which heralded the recent announcement of oil finds and proposed investments in the energy sector must have brought hope and encouragement to readers.

It is worth noting this good news comes at a time when the energy sector is being exposed to an unprecedented dose of transparency and accountability through the publication of T&T’s first Extractive Industries Transparency Initiative (EITI) Report on September 30.

The EITI Report, available on the TTEITI website, shows for the first time in a single document the revenues paid to the Government by each of the major energy companies during fiscal year 2010-11. 

Each company’s payment is independently reconciled with the Government’s declared receipts. The Report concludes that of the $23.181 billion paid to Government, discrepancies amounting to only .3% were found and fully accounted for. 

The EITI is a voluntary collaborative initiative by the Government, the extractive companies and civil society, the three main stakeholders engaged in the exploitation of the country’s natural resources. 

EITI reports will be published annually and that for fiscal 2012 will be published in the second half of 2014. 

The public can look forward to seeing, in due course, the details of the revenues generated by the projects identified in the editorial. 

The EITI is about protecting the people’s patrimony, in terms of oil, gas and mining natural resources, and the public is encouraged to learn more about it and to lend their full support. 

All queries directed to the TTEITI Secretariat will be answered.

Victor Hart

Chair, EITI Steering Committee

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