Myanmar: French oil company Total says contract disclosure good for business, generates consensus

Author: Sebastian Sahla, Myanmar Times, Published on: 14 April 2019

"Contract disclosure good for business in Myanmar, Total says

...[C]ontracts....set out many of the most important terms under which investors operate, potentially including tax rates, environmental commitments and social obligations. In Myanmar, contracts have historically been shrouded in secrecy. However, global norms are changing.

....Romaric Roignan, general manager of Total E&P Myanmar...discuss his company's support for contract disclosure and opportunities to promote transparency in Myanmar's oil and gas sector....

What is Total's position on contract disclosure?

Total supports government efforts to increase transparency through the disclosure of contracts....

....Transparency also helps governments to generate consensus among citizens around how the sector's benefits are shared.

What are the potential benefits of disclosure for investors?

We support the disclosure of oil and gas contracts because it is a way to lift any suspicion around the terms under which we operate....

As an industry, we are dealing with something very sensitive: the natural resources of a country. This always raises a lot of scrutiny: Are the resources being produced in a safe manner and, of course, how are the benefits shared? These are very legitimate questions....

Did the disclosure of your contract with the Myanmar Oil and Gas Enterprise have any implications for your operations in Myanmar?

....The disclosure of all revenues generated by the oil and gas sector in Myanmar's first EITI report, which was published in 2015, has had a very positive impact on how our industry is perceived in the country....

Where do you see opportunities to promote contract disclosure in Myanmar's oil and gas sector?

There is currently a draft petroleum law under debate in Myanmar's parliament. This new law should be seen as a good opportunity for the Myanmar government and all stakeholders in the oil and gas industry to engage in a debate around transparency and contract disclosure....

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Related companies: Total