A six-member local delegation represented this country at the sixth Global Conference of the Extractive Industries Transparency Initiative in Sydney, Australia, from May 22-24.
Richard Oliver, deputy permanent secretary in the Ministry of Energy and Energy Affairs, and Victor Hart, chair of the local EITI Steering Committee, led the delegation. Other members of the delegation included Enid Donawa, senior energy analyst; Keisha Garcia, TTEITI Steering Committee member; Mark Regis, head – TTEITI; and Gisela Granado, policy analyst – TTEITI.
More than 1,000 delegates from 96 countries attended the biennial conference which attracts civil society organisations, large and small extractive industry companies, and institutional investors.
The highlight of this conference was the launch of a new standard to govern future EITI implementation. It will encourage the production of more relevant, reliable and usable financial information on the extractive industries and help to bring about wider reforms to the reporting of sources for and expenditure from the public purse.
Speaking at yesterday’s MOU signing of four US multimillion dollar production sharing contracts with BHP Billiton and this country, Minister of Energy and Energy Affairs, Kevin Ramnarine said this country continues “on the road to EITI compliance and we recently signed an MOU with all the major upstream companies in Trinidad and Tobago on the principles of EITI”.
The TTEITI team hosted a booth at the conference’s National Expo, in Australia, which highlighted Trinidad and Tobago’s EITI implementation process against the backdrop of the country’s internationally recognised model of natural gas exploitation.
The EITI is a global standard that promotes revenue transparency. It has a robust yet flexible methodology for monitoring and reconciling company payments and government revenues at the country level. To date, fourteen countries have been granted Compliant Country Status, the highest membership level and twenty-two countries (including Trinidad and Tobago) have Candidate Country Status.