ConocoPhillips Statement Regarding Economic Transparency

Countries rich in natural resources have the opportunity to establish and preserve true quality of life for their citizens through the development of these resources in a responsible and sustainable manner. There is ample evidence that resource-rich nations which employ strong fiscal and governance practices in the management of their natural resources can achieve real economic growth and poverty reduction and reduce the risk of corruption or conflict.

The Extractive Industries Transparency Initiative (EITI) supports improved governance in resource-rich countries through the publication and verification of company payments and government revenue receipts from oil, gas and mineral development. The goals of transparency and accountability that underpin the EITI are consistent with the core values that guide the activities of ConocoPhillips. We are pleased to be a partner with many countries in the discovery, development, production and distribution of their oil and natural gas resources. We fully support the principles and criteria established by the government and public and private participants in the EITI. For further information on the EITI, visit http://eitransparency.org.

Natural resource development involves a long-term partnership between the resource owner and those who seek to develop these resources. Implementation of policies that ensure transparency and accountability will help secure a more stable investment environment and create lasting benefits for involved governments, citizens and the investment community. As a global investor in oil and natural gas resource development, ConocoPhillips looks forward to working with governments to implement the principles and criteria identified in the EITI process.

ConocoPhillips has notified the EITI Secretariat of its unequivocal support of this important initiative. Currently, ConocoPhillips is involved in resource assessment and/or production in five participating countries: Azerbaijan, Kazakhstan, Nigeria, Peru and Timor Leste (however, only Nigeria and Timor Leste currently involve production). We are fulfilling the transparency requirements of each of these sovereign nations and will work cooperatively with them as these requirements and our investment profiles evolve. The company has worked with the government of Timor Leste and its resource and civil society partners to develop an EITI Work Plan and Terms of Reference, which are available on this page. ConocoPhillips also will participate cooperatively in other areas within its investment portfolio as governments consider measures to address transparency and accountability matters.

ConocoPhillips reported on its efforts to fulfill obligations under the EITI in its Sustainable Development Report.

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Timor Leste EITI Documents

Work Plans:

English version (77KB .PDF document)
Tetum version (71KB .PDF document)

Terms of Reference:

English version (35KB .PDF document)
Tetum version (36KB .PDF document)