Oxfam says survey shows companies in extractive sector increasingly adopting full contract disclosure policies

A recent survey by Oxfam reveals that companies in the oil, gas and mining sectors are increasingly adopting full contract disclosure policies. It urges more companies to adopt full contract disclosure policies, and proactively disclose contracts on their websites.

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21 May 2018

Oxfam's survey of contract disclosure policies of 40 oil, gas & mining companies

Author: Oxfam

"Contract Disclosure Survey 2018: A review of the contract disclosure policies of 40 oil, gas and mining companies"

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20 May 2018

Oxfam's survey of contract disclosure policies of companies in the extractives sector

Author: Oxfam

"Contract Disclosure Survey 2018: A review of the contract disclosure policies of 40 oil, gas and mining companies"

In most countries, subsoil oil, gas and mining resources are the property of citizens and are managed on their behalf by governments. The projects that contracts govern typically last longer than most governments. Estimated oil, gas and mineral rents totalled $1.7 trillion globally in 2015 – 1.7% of global GDP in that year and more than the total GDP of the world’s poorest countries. Oxfam believes that citizens have a right to know the full terms under which oil, gas and mineral resources are developed and sold, to enable them to assess whether the public benefits claimed are likely to become reality.

Contract disclosure in the oil, gas and mining sector is an emerging global norm. Given the progress by governments, international financial institutions and the Extractive Industries Transparency Initiative, Oxfam’s research for this report aimed fill the information gap on corporate policies on contract disclosure. It provides a snapshot of current corporate policies based on a survey of 40 leading oil, gas and mining companies.

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19 May 2018

Kenya: Oxfam urges govt. to pass legislation on disclosure of oil contracts to avoid conflicts

Author: Gilbert Makore (Extractives adviser for Oxfam in Kenya, Uganda and Tanzania), in Daily Nation (Kenya)

"Disclose petroleum contracts to avoid dreaded oil resource curse"

As Kenya inches closer to reaching First Oil, projected to be in 2022, it is not a certainty that it will fully benefit from it. Its legal, policy, institutional and practice frameworks must be optimal. A good regulatory framework would ensure that it leverages its oil for broad-based development while averting a ‘resource curse’, which has plagued many resource-rich countries. Conditions for perpetual conflict and corruption emerge from a weak framework for managing oil resources and the windfall revenues they occasion...

As the rightful owners of petroleum resources, it is important for citizens to know the conditions under which their resources are being traded and exploited. Kenya has already made important commitments in this regard. Following a visit by then-United States President Barack Obama in 2015, the government publicly committed to developing a policy framework for transparent licensing and publication of contracts. A member of the Open Government Partnership, in its 2016 Action Plan, it committed to disclose contractual information and revenues derived from the oil and gas industry by May 2018. But that has not been matched by changes in practice. It is not clear what the obstacles are for the government to not follow through on its commitment, given that even oil companies and financiers have explicitly stated that they are in support of contract disclosure...

Kenya’s opportunity to show leadership in East Africa’s growing  extractive sector would be presented by the passing of the Petroleum Bill and regulations with explicit provisions for disclosure of contracts, as well as and retrospective application. Notably, however, there is no legal or policy impediment to disclosure of petroleum agreements — even in the absence of enabling petroleum legislation.

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