As the largest extractive-industry investor in Timor-Leste and operator of the major Bayu-Undan natural gas production project, ConocoPhillips took an active leadership role in helping Timor-Leste move toward and reach its goal of EITI validation. Timor-Leste achieved its goal of being an EITI-compliant country in July 2010 and is now one of eleven EITI compliant countries. This achievement is the result of years of cooperation within the EITI multi-stakeholder working group, comprising representatives from government, civil society and industry.

From the early stages of Timor-Leste’s extractive industries, associated revenues have been made publicly available via quarterly and annual Petroleum Fund reports, prepared in accordance with EITI criteria and published by the Timor-Leste Banking and Payments Authority and the Ministry of Finance. In addition to complying with statutory obligations regarding payment and reporting of taxes and royalties, ConocoPhillips provides details of Timor-Leste tax payments to the independent auditors of the Petroleum Fund to assist in the verification of payments made to the fund and public reporting of this information.