Sofia Natural Gas Summit Highlights Transparency

Transparency was at the forefront of discussions on Europe's energy future at the summit on "Natural Gas for Europe: Security and Partnership" in Sofia, Bulgaria this spring. In the Declaration of the Sofia Energy Summit, participating government workers, heads of state and diplomats agreed upon the need for transparency, accountability and improved public financial reporting concerning the energy sector. The Declaration affirmed several principles for natural gas policies in Europe. The hallmarks of good transparency noted included recognition that the worldwide movement for "Greater diversity, competitiveness and transparency in all aspects of the supply chain boost system integrity, economic development and energy security," as well as the acknowledgment of the following energy policy principles:

Stable, transparent, equitable and effective legal and regulatory frameworks, including the obligation to uphold contracts, as well as in the supply, transit and receipt of gas are the key to energy security;

Transparency by governments and companies in the gas sector and related industries, and the need to enhance public financial reporting and accountability are of paramount importance to enhanced energy cooperation;

Energy cooperation should comply with the best environmental and social practices, public disclosure and dialogue with various stakeholders at all levels of the gas chain;

Extending transparency at all levels of gas chain transactions and best international, market-based practices to all parts of the supply chain should be strongly encouraged;

Strengthening European energy security and cooperation requires the efficient monitoring and sharing of these agreed principles by all the producing, transit and consumer countries.

Revenue Watch applauds this affirmation of the importance of transparency and accountability, and looks forward to seeing these principles integrated more fully in Europe's future energy policy.

LEARN MORE

• Declaration of the Sofia Energy Summit (Natural Gas for Europe Security and Partnership)
• Local Approaches May Help US in Oil-Rich Areas Overseas, Panel Told (Oil & Gas Journal)
• Ukraine-Russia Gas Crisis Makes the Case for Transit Transparency