This morning delivered a speech in
Aberdeen to an audience of industry representatives to
mark the publication of the second Extractive Industry
Transparency Initiative (EITI)
report.
The report provides a detailed breakdown of payments and
receipts in 2015 between UK-based companies in the
extractive sector and the UK government totalling £904
million.
A total of 42 oil and gas companies and 18 mining and
quarrying companies voluntarily contributed their data to
help compile the report – almost 90% of eligible
companies.
The global scheme asks the 51 participating countries to
publish the data to improve transparency about the way
governments benefit from their natural resources.
Business Minister and UK EITI Champion
said:
We are a proud leading member of the EITI.
Improving corporate transparency across all sectors
makes us even more attractive to foreign investors on
our path to building a truly global Britain.
I’d like to thank all the oil, gas, mining and
quarrying companies who have contributed to this report
and continue to help maintain our status as a global
champion for greater transparency.
The UK’s extractive industry contributed almost £17
billion to the economy in 2015, with the UK the world’s
21st largest producer of oil and gas.
