United Kingdom-based Tullow Oil this week became the first extractives company to release detailed government payments on a project by project basis, a year ahead of new transparency requirements for the industry.
The European Union’s Accounting and Transparency Directive, which was approved last year, requires oil, gas, mining, and logging companies listed or registered in the EU to publish government payments on a project level. That law is to take effect in 2015. The voluntary Extractive Industries Transparency Initiative (EITI) also calls for project-level disclosures, which has the support of the U.K.
