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Total supports contract transparency in the extractive industries

19 February 2018239
Newsimage 11 total iran

French oil giant Total is the latest company to make a policy statement in support of contract transparency in the extractive industries.

This is the first policy statement of its kind by one of the so-called “supermajors”—the world’s largest publicly traded oil and gas companies.

"Total supports governments efforts towards advancing transparency in accordance with the EITI framework, and advocates for the public disclose by countries of their Petroleum contracts and licenses," says the statement.

To do this, company strives to:

  • Foster dialogue between the relevant Group officials and representatives of States, civil society and the EITI;
  • Participate in the efforts of the EITI Board;
  • Promote the EITI and its principles among the States in which it operates and, more generally, whenever it has the opportunity;
  • Share resources and recommendations based on our experience.

Total’s move is part of a wider trend. By coming out in favor of contract transparency, the company is joining ranks with mining giant Rio Tinto, as well as smaller oil companies Kosmos Energy and Tullow Oil, and lining up with a practice that is endorsed by the International Monetary Fund, the United Nations, and the International Bar Association, and required by the International Finance Corporation, the Multilateral Investment Guarantee Agency and the European Bank for Reconstruction and Development.


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