Oil & Gas UK has today welcomed the publication of the 2017 reconciliation report of the UK Extractive Industries Transparency Initiative (EITI), which confirmed the quality and integrity of the industry’s contribution to the UK economy. EITI is a voluntary global standard, which promotes open and accountable management of natural resources through the reconciliation and disclosure of the revenues paid/received for a country’s natural resources between companies and the government.
Commenting on the report, Oil & Gas UK Fiscal Policy Manager Romina Mele-Cornish said:
“The 2017 EITI report shows that extractive industries added £22 billion in value to the UK economy, the vast proportion of which was delivered by the activities of the UK’s oil and gas industry. Even during the depth of the downturn, the report found that industry contributed £847 million in direct taxes to the Exchequer, adding to the £350 billion (in today’s money) already contributed over the last five decades.
“The report also highlights the continued importance of our industry to the wider UK economy, supporting over 200,000 jobs, many of them highly skilled, and providing security of energy supply.
“All our member companies in-scope of EITI have actively participated in the 2017 reconciliation. This reflects industry’s commitment to this voluntary scheme in what is an important year for UK EITI as we progress through the international validation process.”
The report can be found here