Maersk Oil has decided to support the Extractive Industries Transparency Initiative (EITI) as part of its transparency and anti-corruption activities.
The EITI is a globally developed standard that promotes revenue transparency at the national level through public reporting of company payments and government revenues. The objective is to strengthen governance through increased transparency on the revenues governments receive from the extractive industries.
Maersk Oil supports this initiative as it contributes towards the sustainable development of countries’ economies and the growth of civil societies, as well as encourages open dialogue between governments, citizens and companies.
“We have a zero-tolerance policy towards corruption and strive to develop good relations with stakeholders also in the countries in which we operate. Our support of the EITI confirms this approach,” Maersk Oil Chief Financial Officer, Kenny Murdoch said.
To bolster its commitment to transparency and fair conduct, Maersk Oil has also looked to other institutions. As part of the A.P. Moller – Maersk Group, Maersk Oil has been a signatory to the international framework for sustainable development – the U.N. Global Compact – since 2009. Maersk Oil’s support of the EITI is a natural progression of this commitment.
“We believe our support of the EITI will send a strong signal that we are an open company that conducts business in an equitable and upright manner,” Murdoch said.
The EITI requires compliant and candidate countries to publish all revenue derived from the extractive industries operating there, including oil and gas. Companies supporting the EITI publish their own payments to these countries as well as reporting the same payments to the governments of these countries.
The EITI, established in 2002, now has 11 compliant and 24 candidate countries, with 50 of the top oil, gas and mining companies supporting the initiative.
Contact: Thomas Grøndorf, Head of Communications, Maersk Oil +45 3363 4089
About Maersk Oil
Maersk Oil is an international oil and gas company with operated production of about 700,000 barrels of oil equivalent a day from fields in the Danish and UK North Sea, offshore Qatar and in Kazakhstan. Maersk Oil’s exploration activities are ongoing offshore UK, Denmark Norway, Angola, Brazil, the US Gulf of Mexico, Greenland and onshore Oman. Maersk Oil and its subsidiary companies are part of the Danish A.P. Moller – Maersk Group. Maersk Oil was established in 1962, when it was awarded a concession for oil and gas exploration and production in Denmark. For more information about Maersk Oil and Maersk Oil in Norway, please visit our website at www.maerskoil.com.