Bring laws against fake oil scandal

In a media release, the EITI noted that the recent public outcry over the alleged “fake oil scandal” has raised serious questions about how well the country captures information on its oil and gas production and its resulting revenues.

The EITI observed that recent newspaper headlines quoted Chair of the TTEITI Steering Committee Victor Hart, as stating that “there are no discrepancies in energy tax receipts”. The release added that data in the last four published EITI Reports demonstrates the accuracy of Hart’s statement.

“The $114 billion in revenue payments to Government declared by participating oil and gas companies closely matched the receipts declared by the Government.

A difference between the payments and receipts of $840 million (i.e. 7%) was identified, audited and satisfactorily explained by the Independent Auditor,” the EITI stated.