Afren plc, an independent oil and gas company, has become a Supporting Company of the Extractive Industries Transparency Initiative (“EITI”) on 20 May 2014.
The EITI is a global coalition of governments, companies and civil society working together to improve openness and accountable management of revenues from natural resources. It provides a robust methodology for monitoring and reconciling company payments and government revenues at the country level.
Afren operates in a number of countries around the world that appear in the lower half of Transparency International’s Corruption Perception Index. Several of these are EITI candidates or fully compliant.
Afren supports and complies with the relevant reporting processes in each country. Afren also endorses the EU and UK government’s commitment to ensure that listed and other large oil, gas and mining companies disclose payments to governments on a project-by-project and country-by-country basis.