Transparency on Exploration & Production
With the commitment of continuing to develop a sustainability strategy that contributes to a fair and transparent development, Galp Energia stated its adhesion and support to the fulfilment of the principles of the Extractive Industries Transparency Initiative (EITI).
EITI aims at strengthening governance by improving transparency and accountability in the extractive sector. EITI is a global standard that promotes the transparency of revenues generated from activities of extraction and production of mineral resources, among which are oil and gas. It consists of a robust and flexible method to follow and reconcile the payments of operating companies and the public revenues of the country that owns resources.
The process is supervised by participants from governments, companies and civil society. The principles of the EITI, agreed in the Lancaster House Conference, in June 2003, are the basis of the initiative, which may be checked at http://eiti.org/eiti/principles.