Uganda joins Extractive Industries Transparency Initiative (EITI)
The EITI Board has approved Uganda’s application to join the EITI, making it the EITI’s 54th member country and the 26th in Africa.
EITI Board Chair, Rt Hon. Helen Clark, welcomed Uganda to the EITI community: “EITI implementation can help lay the foundation for transparent and accountable management of the country’s natural resource wealth. We welcome Uganda as an implementing country and look forward to the EITI promoting inclusive public debate.”
Transparent and accountable management
Transparency is key to ensuring that potential revenues from oil and gas production are not mismanaged or lost to corruption. EITI implementation will require Uganda to publicly disclose information such as contracts, beneficial owners, revenues and payments, including payments related to the environment. These disclosures can in turn promote public oversight and debate.
Participation in the EITI is identified in the Government of Uganda’s 2012 Oil and Gas Revenue Management Policy as an action that will help create lasting value from oil and gas revenues. Proven reserves of over six billion barrels of crude oil have been identified in Uganda, of which 1.4 billion is currently deemed to be recoverable.
Total and China National Offshore Oil Corporation (CNOOC) are active in the region and share an interest in license areas in the Lake Albert development project. If managed responsibly, expected oil revenues can contribute to national development plans such as infrastructure and social services.
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