Review of Recent Changes in Petroleum Fiscal Systems
Recent years have seen an increase in contract renegotiation and changes to fiscal agreements by petroleum and mineral producing countries. According to industry consultants Wood Mackenzie, 28 countries have changed their fiscal terms, imposed new taxes, altered operation rules, or expropriated producing companies since 2002.
Revenue Watch is reviewing these shifts in policy to assess their impact and implications. Governments that respect their legal obligations, enforce contracts and safeguard private property are promoting a stable business environment and economic growth. However, governments may also have legitimate concerns over profit-sharing in a high-price environment or over how to manage and operate the petroleum sector according to their national interests.
RWI has completed an initial survey of countries that have changed their operating rules for the petroleum sectors, which includes each government's stated objectives for the change methods for managing the process.
Revenue Transparency
The linkages between resource wealth, poverty, conflict and corruption–the so-called "resource curse"–are well documented. Public information and public accountability are the best guarantee that a country's resource wealth will translate into lasting benefits for its citizens over time.
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Expenditure Transparency
It is impossible to ensure proper management of natural resource wealth by looking exclusively at revenues. Transparent and accountable management and expenditure of public funds is essential to addressing the poverty, corruption and autocracy that too often plague resource rich countries.
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Gabon
With the recent death of President Omar Bongo, Gabon faces a stark choice between a legacy of corruption and a new chance to give citizens a role in the management of its natural resources. The need for change is especially urgent because Gabon's oil reserves are finite. Oil production has dropped 30% since 2000, while leaders have allowed the non-oil industries to remain underdeveloped.
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Ecuador
Since the inauguration of President Rafael Correa in January 2007, Ecuador has undergone momentous political change. In prior governments, confrontation between the executive and legislative branches bred intense political instability. Despite these tensions, Ecuador was able to establish a sound legal framework for transparency. However, a public perception of poor transparency persists.
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PUBLICATIONS
 Contracts Confidential: Ending Secret Deals in the Extractive IndustriesContract transparency is sorely needed to improve the management of natural resource wealth. In a new report from RWI, authors Peter Rosenblum and Susan Maples delve into government and private sector objections to contract disclosure and make conclusions about what information may legitimately and reasonably be kept confidential, and how civil society institutions can better confront the challenge of secret deals.Learn more about the report ... |