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Right three good morning to everybody was we see a good afternoon and good evening to you watching in. Other corners of the world a welcome to all my name is Daniel Kaufman of the natural resource governance Institute or in energy I we are here gathered in Washington at the Open Graph hub where our staff is is located when in Washington in addition to many other locations in. The world it's great to have you all here for this very exciting event him yes indeed the great thing about any. Event held here this open gov hat and a certain rgi is that we find that data can be really exciting and as you will see it. Matters enormously for the field of Natural Resources and for development more more broadly I will be very brief in this introduction as I really prefer to hear and learn from others especially those which with a much nicer voice and better accent and mine but we get settle in let me show a very short. Video on this project that has been prepared in order to introduce it national oil companies produce most of the world's oil and gas but what do we know about them not enough it turns out yet state-owned enterprises are hugely important in many oil rich countries like Saudi. Arabia Venezuela and Nigeria in 2017 national oil companies collectively held at least three point one trillion dollars in assets so people need more information the financial well-being of many countries and their ability to use oil revenues to pay for things like health care and education depend heavily on how. Well the state's company. Is governed so to help citizens officials journalists and investors better understand. State oil companies NRG I has created the National Oil Company database which is free to use for the first time ever it brings together information from 71 enterprises on production revenues spending and transfers to government from the database NRG I has learned that at least 25 countries on. National oil companies dependency meaning that the National Oil Company collects revenues equivalents to more than 20% of all government revenues also many national oil companies carried big debts sometimes as much as five or even 10 percent of their country's GDP and so several companies have become a drain on public finances to learn. More about energy eyes findings and recommendations and start using the database yourself heads a national oil companies ater org some of you who may be wondering whether that voice was familiar it's our own Nicola Woodruff who work from London okay we have known. For some time that national oil companies sit right at the very center of the huge macroeconomic and development challenge in resource-rich countries that's not. New they control access to all and gas markets collect billions and billions of dollars from the sector at times transferring. Significant amounts to the government Treasury at other times not and also exercise massive political influence often this company have been at the center of huge financial and corruption scandals yeah there are some national companies exhibiting good performance standards showing that yes it can be done and we have. Been privileged to collaborate with people in the countries where we work inside and outside of national oil companies were trying. To help NoCs national completely foreign Aussies will use that short improve their performance in fact among those of you here present we have a. High executive from a copper troll in in Columbia which is such an example but a huge impediment to attend more substantive progress has been the extent of data gaps on these NRC's this has made it hard for governments and for. Citizens to monitor to rigorously assess and to hold these companies accountable at the core of our DNA in energy I is the. Power of data of open data and its use in evidence-based analysis and policy advocacy by us and by all our partners in the field this new free. And open data project the first of. Its kind focus on national companies. On NRC's provides a new resource for governments for Parliament's for NRC's and for. Non-government actors aim so next we will have our main presenter Patrick Heller who has led this project walk us through this new database and its main finding so far after that. We will have an interactive play panel which zeynep and mark where I will introduce as moderator of the panel after Patrick's presentation and later in. The event we will take questions from the audience here in the. Room we'll have something very interactive we will also take questions from people watching life around the world on their live stream if you are watching online feel free to. Share any questions by tweeting at energy institute okay now on to the presentation of the database that would be given by by energy. I colleague and one of the world experts on energies on state-owned enterprises reform accountability governance a more. Generally in the natural resources among other other areas of expertise senior member of energy I think it has and contributed. Enormously to the whole. Field as many of you will know so without further ado patrick aid the floor is yours and after the presentation we will start back great thanks very much Danny for that kind introduction and it's a real pleasure to see all of you here and to welcome the people watching online to this discussion of an issue that we. Think is of critical importance to the world to the oil economy and. In particular to the people who live in oil-rich countries themselves and you know working on this project has taught me that this. Is a divided world it's a world divided between people for whom the word database is super-exciting and people for whom when you say that word their eyes roll back into the backs. Of their head so what I see as my goal over the next few minutes is to get all of you guys those of you who are already database enthusiasts and those who aren't a little bit excited about what we've been trying to put together and the first element in that mission. Is to talk a little bit about why national oil companies matter in some sense it seems. An obvious question but one of the things that we've learned as we've been executing this project is if anything NoCs are. Under covered in the world that they are that sufficient attention is not paid to them in light of how important they are both. In the global economy and in particular within the economies of their home countries so I want to talk a little bit about that right here's some logos of a handful of NoCs that you may know as Danny said there's more than 70 NoCs that we've captured. In the database and they matter enormous ly right over the period for which we were measuring this data NoCs produced about 55 percent of all of the oil and gas production worldwide estimates from the World Bank show or indicate that NoCs control perhaps up to 90% of global. Reserves so if you want to pay attention to what's happening in the international oil markets understanding what these companies are doing is critically important but you know our focus you know our Gi is largely on the lives of the people within oil and mineral producing countries themselves and so that's really. What we're going to focus heavily on in the session today it within their home countries these companies exercise massive influence right they in many cases control de facto or de jure a the oil and gas industry they are often the ones who have power or at least influence over what kinds of private partners are brought on board. There in many cases the largest collector of public revenues in the economy and and there's a number of NSCs that have done a tremendous have been tremendously successful. In delivering value to their citizens in generating solid fiscal returns in developing strong technical capabilities in being a source of expertise that can spread across the economy but it's also important to really emphasize that in a lot of cases this hasn't happened and when NoCs face or exhibit large governance challenges the. Reverberations across the economy and across the country can. Be massive the picture that you see on the slide here some of you will probably recognize it right away it's from a street protest that. That opened up in the wake of the massive lava jato scandal in Brazil where in the national oil company Petrobras was at the center of a huge pay-for-play scheme which eventually did tremendous damage to. The Brazilian economy as well as resulting in massive changes in the Brazilian political system so when these companies fail or when they are Mis governed. The repercussions can be huge just to provide a little bit more. Kind of framing to that point the the picture that you see here is from a survey that the OECD came out with last year and they did a survey of executives from state-owned enterprises all over the world hundreds of people participated. In the survey and I bet I. Wouldn't have to wait long if I asked you to guess what's the industry where where the incidence of corruption was reported to be the highest it's the oil and gas industry 60% of the people surveyed indicated that they had Whitten themselves corruption in the oil and gas state-owned enterprise in the previous three years so more than. Any other industry SOE state-owned enterprises in this sector are subject to certain fundamental challenges and risks I we. List a couple of them here they have really complex mandates these companies are often charged with pulling oil and gas out of the ground selling it becoming efficient centers of excellence developing engineering. Economic commercial legal skills delivering massive fiscal revenues to the state and also executing a wide range of other. Functions across the economy everything from building roads to operating health clinics and so the fact that their mandates are so complex can sometimes make it hard to really assess in a direct way how well are they doing right when the goals are are overlapping sometimes contradictory it. Can really be an impediment to real accountability second major obstacle is the sheer amount of money or rents that pass through these companies hands we'll get to that a little bit when we talk about the some of the data but the fact that these companies are responsible for such huge. Flows of public finance leads them particularly susceptible to predatory behavior and then the final obstacle I wanted to highlight is opacity and we all know it well in spite of their importance NoCs have traditionally disclosed relatively. Little information to their citizens and to their market partners this is a a graph from NRG i's resource governance index which for those of you who don't know measures transparency and checks and balances in dozens of resource rich countries worldwide. What you see here at the details we won't go into now but what you see here are the scores from the resource. Governance index for national oil companies and I think the important thing to look at on your screen is the Greens vs. the yellow orange and Red's right so 62% of the national oil companies studied in the index exhibited weak poor or failing performance when it comes to public disclosure. So the gaps in public reporting among these companies are are still huge that said there's been some progress in recent years when it comes to public disclosure mark will be talking in a. Little bit about some of the gains or some of the advances that the extractive industries transparency initiative have been making a number of pioneering NoCs themselves are. Doing increasingly sophisticated public reporting so there is still huge a huge deficit in terms of what informations in the public domain but there's been some real progress and that's part of what inspired us to take on this. Project right even in places where. NoCs are disclosing we found in our work that people are really struggling to make. Sense or to. Take advantage of the information that is coming into the public domain for some of the reasons that I cited earlier the mandates are complex accountability mechanisms within the. State are weak and so even where data has been disclosed people have often struggled to say okay what do we do with this data what sense do we make of it and that's kind of what pushed us to say okay well let's try and. Take advantage of what is in the public domain and see what we can. Make of it so I'm gonna talk now the database is now live those of you who are watching online I presume that while I'm talking you're clicking around in it and exploring those of you in the room hopefully you can do it after we finish but I want to talk a. Little bit about what we did here what some of the challenges were and then I'll come to how we think it can be valuable for for public accountability and for improved performance among these companies so the database features 135 indicators and I'm not going to go through every element of the picture that you see in front of you but. Essentially what we tried to do was to capture what we thought. Were some of the most important indicators or most important pieces of data related to how the companies are delivering on their mandate to deliver value to their citizens so what you see in. Yellow here these are the indicators that we grab that everything. In the database is from public reporting so reports. By the NFC's themselves their governments VIII reports primarily so everything you see in yellow are the indicators that we drew out of those public and official reports so covering how much the companies are producing how much revenue they're collecting of the revenue they're collecting how much of it do they end. Up transferring to their governments how much of it do they spend and then what are their cash flows look like and very importantly their balance sheets how large. Are the assets that they are that they're holding on to what kinds of debts and liabilities have they have they assembled and from that from those indicators we calculated a range of. Performance metrics right essentially it's dividing one indicator by another indicator so for every barrel of oil that the company produces how many how much in dollar terms makes it to the Treasury for their total production how much did the companies spend what share do NOC. Revenues represent as a portion. Of total public. Revenues so these are indicators that we that we constructed as a way to sort of help users make sense of the data and put it into some context when they're thinking about public policy in the country itself and then. All the way over to the right you'll see this this circle for reporting questions what we wanted to do was for the for the information we gathered we wanted to give people a little bit of a sense of where. Did it come from and how much how reliable should we. Consider the information to be so those reporting questions are things like did the report that this data came out of. Was it subject to an audit by an independent auditor does the comfort is the companies subject to Stock Exchange listing requirements that have an impact on how it reports etc now as you can probably imagine this wasn't an easy task right we faced a lot. Of challenges in putting this data together and I would say that because of the state of public reporting by these companies there are still challenges and imperfections in the data set that we hope to improve over time I'm gonna highlight a couple of. Them here one which I mentioned earlier is data availability lots of NoCs are still not reporting even on some really important factors for public governance in particular reporting on expenditures profits and. Surprisingly to me the number of employees are the size of the staffs of these companies remain relatively weak in quite a number of places the second challenge here is that even when companies do report extensively they use the reports are subject to different kinds of accounting standards they. Use different kinds of terminology and so as we were assembling the data there was a real kind of interpretation or or a real definitional challenge to say okay one company calls this. X the other company calls this Y. To surmount that challenge we developed a standard set of definitions that apply across the data set and so what that means is sometimes what we call something may vary from what the company itself calls that thing I'll give you an. Example to make it a little bit clearer one of the major things obviously that we care about is what are. The fiscal relationships between the NoCs and their governments look like right so that's how much is the NSE paying to the government in tax in dividends in royalties in other kinds of transfers a lot of NoCs though in their reporting don't call a royalty or what we consider to be a royalty a. Royalty it has some other kind of terminology in some cases the. Company may not even report a royalty. As a payment to the government they may lump it in as just part of the operating expenditures of the company. And so in order for us to be consistent we said okay we are going to consider here's the definition of a royalty in our database and we will consider this to be a transfer to government not a bit a part of business op. X of the company itself so it's an example to show how we tried to standardize things across the data set so that as best as possible one can look at an indicator for one company and be confident that it means something similar for the other companies in in the data set I'm gonna. Come back to the last challenge here as as we go so in spite of these challenges we were able to achieve a fairly significant coverage in the database for those of you who don't recognize this this is an Excel spreadsheet and. Don't be alarmed I just wanted to show an example of kind of the massive data that we were able to to assemble we've got 71 NoCs in the database as you can imagine for some of. Them we have almost all of the. Data we were looking for for some of them we have virtually none the total amount of data we have comes to about 70 thousand data points across the across the set to put it in context a little bit for 2017 which is the last year for which we were. Capturing data the the NFC's for which we were able to find the data points had about three point one trillion dollars in assets and collected about or one point nine trillion dollars in revenues over the course of. That year the circles. Here just to put it a little bit in context the top ten NoCs in our database are the orange circle here the top 10. International oil companies are the. Blue circle so you can see that even though some NoCs still aren't reporting the ones we were able to capture represent a really significant share of global oil markets and capital and global oil. Markets okay I was advised in preparing this presentation that the last thing people. Want is for someone to. Click around on a website in. Front of a room so I'm not going. To do that but I'm gonna show you a couple of those sort of key features of the site so that as you're exploring later you can have a sense I would say there's two main ways to explore the data in the website the first is. We have this page which is explore by indicator basically if you want. To see ok I want to look at all I want to look at total revenues of national oil companies and to be able to compare one company against another you go to this page you look for what indicator you're looking for you're looking for from this indicator group piece and then very importantly we've created data filters to just make. It a little bit easier to try to compare similar MO NoCs to one another you know of the 71 NoCs in the database as you can imagine there is a massive amount of variety right there is Saudi Aramco and there's the Tanzania. Petroleum Development Corporation right an NOC that is a global leader producing massive amounts of oil and gas an NOC that is producing very little in anticipation of potential growth in the future so what these filters allow you to do is to try to do a quick sort of the data I want to compare a large company against another large. Company I want to compare a company against other companies in the region etc so it's none of these are perfect proxies but this is a way that you can look at the data and at least if not getting all the way to apples to apples comparisons at least get a little bit closer. In what you're looking at and then for those of you who are database friendly you can download either the particular slice of data that you're looking at or you can download the entire data set in a CSV. File other way to look. At it is if you just want to look at one company you can do so you pick the country or you pick the company and it'll give you all of the information across that company and one feature that we have on the site here is this source documents drop-down that enables you to look at either the company. Website the library that we've created of source documents so if you want to if you want to go straight to the source and say okay this is Pertamina from Indonesia I see what you guys have put in the database but let me actually look at. The company's annual reports themselves we've created a library to help you do that so that's kind of where where the database how the database works and where it is what I want to do now is to talk a little bit about the analysis. That we've done in looking at the data set you each of you here has received a copy of our overview report on the database it's also available online on the on the website I could you what you wouldn't want. To hear me spend the time that it would take to talk about all of the exciting things that we found in it but I'm gonna highlight a couple of kind of the major findings that. We that we've drawn out. Of this in terms of looking at how NoCs across the world are managing public assets and the roles that they're playing so the first thing that really stood out as we. Dove into all of this data is we okay we all knew that NLCS are giants but looking at the data across the whole set gave us a sense that their economic role the role that they're playing in their home countries is. Even bigger than we had previously understood and I think this has. Really important implications for public financial management and the work that many of us are doing to try and bolster development in resource-rich countries so we looked at what NOC gross revenues represent as an equivalent share of total government revenues of their home countries and. What we found is that there are at least 25 countries that during the during 2013 we picked that because. It's a high-priced year for oil and gas there were at least 25 countries where the NSE by itself was collecting revenues that were equivalent to at least 20% of government revenues some of you have probably heard this terminology one of the definitions of an oil. Dependent country is the country's oil dependent if more than 20% of government revenues come from the oil sector well. We looked at it and we wanted to see okay what if we just look at the NSC and money that's coming into the NOC and we found these 25 countries at least. And remember some countries still are not disclosing data that that fit this criteria so why does that matter. Well if you think about it and well first of all it's important to note that a dollar that goes to the NSC is not necessarily a dollar that's making it to the Treasury or to the government and that's not fundamentally inappropriate right these are companies they need to. Spend money in order to execute their businesses in order to grow but when we looked across the data set we found that on average the median NOC in 2013 was paying about 23% of its gross revenues to the Treasury so the other 77% the company was spending right. Investing in capital expenditures and spending on its operations is that a bad thing well not necessarily in all cases but here's what it means when you look at how large these revenues are that are flowing into the companies and what a significant share they represent of their national economies well it means that the rules. On how that NOC is taxed become critically important the decisions about how much of that money the NOC is allowed to spend versus how much it has to pay to the state has massive implications for public. Finance and so does the set of incentive the set of controls a set of rules around efficiency. Of NOC spending so if we think about all the attention that the natural resource governance field has paid to transparency and policy around taxation of international oil companies if we don't pay equally close attention to the rules around how much the state is taxing its own NoCs we're missing. A huge share of the pie this is connected to that so we looked at during over the course of. The boom period right oil prices up until 2014 followed by a precipitous drop we all know the story we wanted to look and see during our data period which started in 2011 what was happening with these this money. That the NFC's were we're bringing in and what you see again this is looking at the median company I don't know how well you can read it from your seats but the important piece is that as revenues rose right as the companies as the money that. These companies were taking in rose the share I've been told not to walk around the ship what they transferred to their Treasuries is this sort of salmon color line the second from the bottom so revenues rose fairly sharply transfers to the government only. Rose very gradually during that time what rose even more sharply spending right so a disproportionate share of the extra money that these companies were getting during the boom was spent by the companies themselves rather than going to the Treasury now again I want to be cautious here that's not fundamentally a sign that there was anything corrupt happening. And in fact we see similar patterns with international oil companies right as prices rose costs rose as well but from a public governance perspective it's really important to think about during a boom period if so much of the money is actually being spent by. The company itself and not coming to the Treasury during those boom times well you better be really sure that that money is being spent efficiently effectively strategically otherwise when the boom time ends the windfall has been spent and the state is getting relatively nothing from it so from my perspective this is another reason to really highlight that it. Is absolutely critical to govern spending well and to monitor it closely otherwise booms can be wasted in the last highlight that I want to offer is relates to NOC debts we found eighteen national oil companies where the debts of the company that just the company debts by itself were 5%. Or more of the total of GDP of the country that's a huge figure and that was very surprising to us now like a lot of corporate entities taking on debt can be an important and meaningful part of a corporate strategy for a company like this but when you combine high debts this these huge levels of borrowing with weak. Controls limited public oversight then the risks that that can impose upon the economy are really high and we're seeing it today we've seen it over the last few years when prices dropped a number of governments have had to bail out their NoCs right I've had to put hundreds of millions of dollars even billions of dollars back. Into these companies out of the public budget so think about what that means right these companies are supposed to. Be and are designed to be sources of revenue for the state when you get this combination of high debt high spending and a lack of strong oversight it can be just the reverse that happens right and they actually become drains on on public finance so that's some of kind of what we found when we looked across the board I. Want to spend just the last. Few minutes talking a little bit about how we think others can use this data set and and some of the implications for the field but one of the most exciting things about having this out in the world is I'm. Really looking forward to seeing what all of the brilliant researchers analysts others out in the world actually do with this data and how they. Can use it to enhance governance and enhance performance a couple of ideas that that we wanted to sort of flag and throw out there so one just in general for governments and for the NFC's themselves. A data intensive evidence heavy approach can really facilitate policymaking and oversight so for a government and taking a. Very data-intensive view can help the government set goals set clear benchmarks for the NOC along various lines and hold the NOC leadership accountable for achievement of those goals for the NFC's themselves you know we. Work with a lot of NOC leaders and one of the things that they often say is the government or our citizens are always asking us okay do this for us do that for us and it can actually be really challenging for the company to execute a coherent corporate strategy with all these demands so for the. NFC's themselves a really data heavy approach or setting clear benchmarks can help the company execute a more coherent strategy and can in some cases I think help the company fend off at least at the margins some of those. Who are constantly coming to draw upon the company's resources so this is just one example I'm not gonna go into detail about it here of okay so how can we look at this data and use it to ask better questions about you know the the NFC's role in public financial management. What we did here this is an indicator from the database and it's a very simple one it is dollars paid to the Treasury for every barrel of oil that an NOC produced or sold and these are sub-saharan African NoCs we picked this group in part because you know there's a regional coherence to it but also a lot of. The NFC's on this list are playing similar roles they are Equity. Partners in joint ventures they are selling the state's share of oil but they are not in. Most cases massively integrated top to bottom oil companies and so for us kind of putting putting a number. Like this out there are putting things together can enable people to start to ask questions about ok well what kinds of returns is the NSE delivering on the oil for which it's responsible so this is not. The end of the inquiry right if you look at you know. The examples of the example of Cote d'Ivoire for example which is you know shows up very low on. This on this on this table in terms of the amount of money that it's transferring to the state for every barrel of oil equivalent it's producing well Cote d'Ivoire is primarily. Producing natural gas instead of oil that may be one reason that it's numbers are are lower so this is not the end of the inquiry but this is a way to start asking questions so if I'm looking in at Ghana or Nigeria for example I might be curious okay well it looks like for each barrel. Of oil that's being produced GNPC in Ghana transferred in most years more to the government so more made it to the Treasury from each. Barrel of oil equivalent produced in Ghana then for the for the same equivalent in in Nigeria that doesn't tell us fundamentally that something is wrong but it tells us we should be asking some questions okay so if that money is not making it to the Treasury what is it being spent on and is that spending likely to be. Effective and is it likely to deliver strong returns in the long run if the answer to those questions is no or we're not sure that can raise some flags in terms of thinking about what the fiscal rules are between the company and the government just a flag here that in in doing these kinds of analyses one of the things. That really stood out to us is you know NoCs are different right they are different in size they are different in years of experience they're geologies are different and they also have different goals so we. Created kind of these three categories they're very stylized categories but what we wanted to look at is okay depending on what the company and what the government really want to achieve that can help you set the benchmarks that are most important to measure so we we call a company a cash cow when. The most important goal of the NOC or of the state is to deliver fiscal revenues to the Treasury in the short term. So for that kind of a company the most important things to measure are how much money is the NSC generating and how much of it is actually making it to the Treasury some menno sees our profit seekers or what we. Call profit seekers for which the primary goal is let's become an efficient commercially effective oil company over time the kinds of benchmarks you would start to expect some of the company like that to exhibit our profitability efficiency in terms of operational expenditures you know return on capital employed that. Is that's that's high and that's significant and so depending on what the goals are the benchmarks that you choose are really important and then finally there are entities that are called upon to play what we call a sort of state supplement role these are the companies that are charged with building roads or providing subsidized energy to. Their populations and our database does a little bit to measure that but it doesn't do that much because reporting on these kinds of states supplement obligations is so inconsistent across companies that it was hard. For us to gather that kind of data but nonetheless for companies that are playing those kinds of role asking them to report on how they're performing against expectations for whatever that role is is a step that is overlooked in in too many places so the last. Point for governments and NoCs is this data really shows us that improving disclosure and improving reporting practices is still really critical we picked 10 key indicators from the database here and this. Is just a simple table that shows in the year 2015 which is the year for which we have the most data in the database how many. Companies published enough information that we were able to gather the necessary data to complete the the data entry for that particular indicator and you can see some red right and you know what really stands out well NOC is in the Middle East and North Africa some of the biggest oil producers in the world are on average. Producing far less information than NoCs in other regions some of you probably saw in the news Saudi Aramco just earlier this month produced a treasure trove of information from 2016 2017 and 2018 before that that company had put almost nothing in. The public domain and there are still lots of NFC's in that region including some of the most important global producers for which it's it's virtually impossible to really know from the company what they're what they're doing and sub-saharan Africa also shows up as weak when. It comes on average when it comes to these kinds of disclosures but I will say that there's highly varied practice in in that region in countries like Ghana the NOC is producing quite a lot of information in other countries still very little and the EITI has been possibly important in sub-saharan Africa in starting to get more of. This information out into the public domain when it never was before so then the last point I want to make relates to okay so what is this data tell us about priorities for international actors and civil society and. I'd put three suggestions out there first is that I think there. Can be an an a growing role for international initiatives including eiti but including some of the other global standards setting efforts to help countries tackle what are some of the most persistent gaps in reporting most importantly expenditure data is still really weak across a lot of these companies some of them don't. Report on it at all for some of them they reported on it but at a level of detail that still makes it very difficult for citizens. In the country to understand okay what is this company actually spending our public money on and then on the composition and distribution. Of company transfers to government there's still room for significant improvements and I think the international community. Can help in terms of providing templates and guidance for standardized reporting on that second priority. I think for the international community is making SOE governance making national oil company government governance a real priority in public financial management reform efforts you know I have this impression that in public financial management NoCs are still treated as something of a niche issue fundamentally when we look at how important they are in their economies. To really get public financial management right in an oil state or in the. State with an NOC tackling the governance of this of these companies and tackling the rules on transfers between the company and the state are absolutely critical important and warrant I think more attention and then finally is just to facilitate cross. Country learning you know we've been amazed in the countries where an rgi works at just how many people there are in governments and within entities themselves who want to understand okay what's happening in other countries how. Are other countries tackling these governance challenges and you know we this database itself will be a helpful tool to improve those efforts but I think. The international community and particularly international institutions could do a lot more to facilitate that kind of experience sharing across across. These companies so that's what I wanted to share with you as sort of a starting point we're going to look forward to the discussion with our very esteemed panelists but also to your reactions here in the room online. But not just today in the weeks and months to come as we continue to try and take advantage of this data but also to improve it and hone it and build it over time so thank you very much Patrick Thanks of course I'm biased but this is really fantastic and exciting so I look very much forward now to. Do the more interactive part if anybody was not totally persuaded before this presentation and you were quite humble a Patrick. But there there is a main report associated with that which is not only online but available here as well as a specialized research report with many of the findings anybody who wasn't convinced before that NOC is in so many countries are the elephant in the room. This this major effort is major new date database puts it in in clear context we. Are talking about an absolutely crucial institution at the core of the development faith in fact of many resource rich countries let's go now to the interactive part we will start with. The discussion with the two eminent panelists we we have here and then we'll open it further we have a Mark Robinson they are my left who is executive director that extractive industries transparency initiative. EITI comes with a very vast experience and distinguished career including on World. Resources Institute is also chaired the carbon important in a GP and as as worked in development for four decades and we have on my left left and very pleased at Zeynep ah spanis joined us and she's in the chief economist office of the World Bank and comes with professional. Experience regarding the political economy natural resources and not that long ago you wrote a brilliant dissertation at at Oxford on these issues particularly concentrated on on Nigeria so if you allow me I will start them with a question to use a nap and link to the fact that you are such an expert on the political economy of the old. Sector and the knowledge we have now as to the challenging role that enosis plays in this very difficult system what would you say are the most important priorities for government and for NoCs next in general around the world but of course you also know particularly. About Africa where we need to focus them the main reform efforts including obviously by the World Bank by other. Such organisations and how can the very end all seeds that are really struggling there are really under challenges learn from other success stories and is there really a prospect. That those can improve performance in the future okay. Then thank you for the invitation to participate in this panel discussion and as I mentioned. To Patrick privately I think this is a great initiative I think the the database is a it points to an issue that is very relevant to a lot of resource countries and provides an opportunity for. Benchmarking information for you know cross country comparability and we will get to that a bit later before I respond to your question I'm going. To take take a few steps back to set a bit of context in terms of the work that I do and then explain to you how that informs my specific response to that question so my work on the political economy of natural resources of economic reforms really focuses on how power relations and institutions. Shape policy choices and economic outcomes so within within the oil sector and extractive industries more oddly economic outcomes include you know investment flows resource revenues and rents earned in the sector and growth and the extent to. Which they are shaped by actors and institutions and the sector the interactions and the negotiations between public and private actors the incentive structures shaping their behavior but also history right and you know depending on the combination of factors at any point in time within a specific country you find that a policy environment within that. Country could could be conducive for reform or it could be it could it could. Have an anti reform impulse right so whether governments choose to embark on policy. Reforms at any point in time you know it really is a highly political decision especially in this sector. I given the scale of revenues given the interests at stake and and all of that so you know then going. To your question specifically on the reform priorities for NoCs and for governments I think the details of that really lies with them in many cases they know what it is they need to do and why is that because you know these sectors are so central and so important to the economies of these countries that in many cases they are. Staffed by highly competent professionals and Patrick mentioned this a bit earlier even in low-income countries in countries affected by fragile situations you find that the ministries the agencies supervising the sector tend to be staffed by highly competent professionals so if that is the case then and if you know these entities and these institutions you know. What it is they need to do why is there often. Reluctance to embark on reform which then brings us to the issue of understanding the policy environment and why it may or may not be conducive for reform and you know my own research that I've done in Nigeria one of the arguments that I'm putting forward and it's not necessarily a new argument you know there are. People that have made similar points people working in institutional economics and you know political economy of reform what we find in in oil-rich countries is that a key determinant of the. Policy environment whether it is so it's not conducive for reform is really oil prices at any point in time when oil prices are high or low so during periods. Of high oil prices governments and again something patrick mentioned earlier governments typically go on a spending spree and sometimes even on a borrowing spree so if we can recall you know during the the oil boom of the 1970s i mean some of us cannot it's not like we who witnessed it firsthand but but but based on what we. Know you know history and all of that many governments when resource rich oil rich countries went on a borrowing spree and within the last commodity supercycle also many governments went on a spending spree and there are also more competitive and distribution all pressures. On these or all rents that are flowing into government coffers again you know Patrick showed us a slide where out of those six clusters of indicators it is the the the indicator on expenditures by the national oil companies that actually went up. During the period of high oil prices in. 2011 to 2012 all right whereas when oil prices collapse then governments have their backs to the wall they faced immense fiscal pressures and they are. More likely to be reform oriented so the policy environment changes at that point in time there's a it's it's a critical juncture it's an opening for for reform and you find that governments start reducing subsidies they start cutting waste and leakages the assad streamline in internal. Procedures and and and things like that so having said that right i think in the. Long term there are certain and I'm reluctant to. To say that I'm going to tell any government what their priorities should be but I think there are key issues that. Many oil-rich governments would have to contend with and I'll mention two very quickly number one is you know the age. Of age-old issue of how to diversify their economies to avoid the situation where an entire economy is completely dependent on the oil sector and its attendant volatilities and we do. Have to give some some governments and some countries some credit because in many cases when you compared their GDP today and their GDP s of 20 years ago you find that there is significant economic. Diversification so speaking of the African continent. In particular you think about the veteran oil produces Nigeria Angola Gabon Algeria and so on in the year 2000 Nigeria's oil sector contributed about 48 percent of its GDP today it's less than 10 percent in Angola it was more than 60 percent of GDP in. The year 2000 today it's about 13 percent it's the same thing in Gabon so like there is significant economic diversification in terms of. You know the GDP of these countries but then when you look at another indicator exports you find that. There is still significant export exports concentration around the. Single commodity so you know there is an imperative to think about you know exports diversification to think about you know how to move up how to integrate into global value chains at a higher level in terms of exporting you know other commodities the second key issue that I'll mention very quickly is that national oil companies and their. Governments have to think about certain structural shifts that are underway in the global economy namely climate change you know the digital digital technologies and the fourth Industrial Revolution and how to position the oil companies but also there economies and the extractive industries within the context of those. Structural shifts so you know the pirate due to the goals agreed on under the framework of the Paris agreement there are they would need to be certain reduction of carbon emissions what does that mean for current and future markets for oil and gas exports for oil-rich countries you know digital technologies what do those mean for the. Elaborate plans for a local content that many countries have right now so I think those are certain issues that you know oil companies and governments have to contend with sorry I took this is great but I was aching because I want to follow up. My more concretely and with apologies to mark let me ask a follow-up question to use a nap but at the very at a very concrete level because what you're saying it's it's it's really interesting of course that the data that you are showing about. The shares of of GDP are partly the result of the major decline in you know oil prices compared with a supercycle day so some of that diversification quote-unquote it's it's due to due to that party's real parties is also fourth part it's not not so real and it's still a way to go but my question at the. Very specific level you you made the case very very diplomatically that this is not in many cases so much about capacity but it's about the politics about incentives and. About the political political economy which is a your your field so if you look at at your own country and looking constructively ahead Nigeria would you have studied so much in detail here a lot of discussion. Was about the shares and how much but let's let's look at the actual total numbers between 2011 to 2015 were talking depending on the year between 20 to 40 billion dollars that were the revenues of. The National Oil Company and NNPC were talking so lately was more like 20 that still about 10 times the total aid that was given by the World Bank and the whole international the international a-m donors to to Nigeria in fact 40 billion dollars about the total overseas development assistant to all of sub-saharan. Africa in that term so if that's basically the core of what needs to be managed well for the development of the country and you're saying this is not about capacity it's about. Incentives of all political economy what needs to change then in terms of the incentives then in the country for then a different path towards development to happen in the in in the future on what the World Bank. Can do and maybe needs to do differently together with other the IMF and other organizations so those incentives are put in place from your political economic perspective. Okay so before I answer that question you you made a statement earlier about you know the rents to GDP ratio being perhaps a function of you know the the collapse of oil prices exchange rates and things like that I mean that. Is that is partly true but I would also add that in the case of Nigeria and I think with quite a number of the other countries like when you look at you know the time series data. You can see the consistent decline. In the share of GDP so in Nigeria interestingly. At the height of the boom I think by 2014 or so oil was actually just about 6 percent of GDP but of course after. The collapse of commodity prices you know there was. A recession and things like that it's now back up to about 9 percent of GDP so yeah yeah so I think you know it's a couple of factors at play with regards to your second question on how to how to incentive you know better performance and perhaps you know accountability by these you know oil companies by the. Relevant entities and interests I mean that is that is never an easy question to answer I mean if if we had a straightforward answer to it yeah a lot. Of the problems that were studying that we're trying to understand would not exist in the first place but what I can say is again going back to you know my my context certain statement earlier is we need to understand. The policy environment and when it is conducive for certain reforms because there are times when we push for. Things and they just don't happen so if we understand if we have a better sense of the incentives of various stakeholders and how to work within that incentive structure I think we we can make a difference and let me. Be a bit more precise and I think timing matters really timing matters and in all rich countries in particular as I mentioned earlier when there is a collapse in oil prices. You find that many governments are more they're more receptive of reforms and we've seen. This happen very recently and it's happening now so you know governments in the Arabian Gulf governments in Africa after the collapse of commodity. Prices in 2015 embarked on a number of reforms many governments started thinking about cutting subsidies you know many governments have embarked on tax policy reforms so they can raise additional revenue so they can diversify the revenue base and from what we know of economic history taxation leads to greater accountability because there's a whole bargaining process with citizens to set. Tax rates it also leads to an increase in state capacity because you need to set up an elaborate system to delineate the tax base to collect revenue and things like that so we we can see some of. That happening but obviously again oil prices are going back up there now at about $70 a barrel so you know governments can end up relaxing the second thing I'll mention. Is I think empowering existing checks and balances systems within these countries with some of the information being produced by NRG I for example. Would go a long way and what do I mean oh who am i referring to what am i referring to when I say checks and balances systems you have in many cases parliamentary audit committees revenue commissions and again sorry let me digress a little you know not too long ago I. I went to a country I won't mention which one it was a mining rich country but I think the example still applies so we we went to various various entities we had meetings with. I think like the Revenue Commission we had meetings with the state mining company who had meetings with an international mining company and you could see the difference the asymmetry in their capabilities Revenue Commission you know they were even telling us about their challenges whereas the state mining company. The International mining company they were all you know they knew they knew precisely what they were doing they had sufficient resources so if were able to empower existing structures within these countries that are mandated to perform these oversight responsibilities I think that would go. A long way including sub-national authorities in many cases so thanks they say the broader question which. When we open the discussion this is very helpful and. It would be a lead way to to the focus on transparency on disclosure to. Increase accountability we'll get to to mark an X but there is a fundamental question for the field and now we sit here in Washington for International for an international thing to any country let's not get into one particular one where we know that the enormous bulk of these resources come from their. Own own resources and whether it's all or mining gas mostly all in many cases so we're talking about the 30 the 40 billion of 20 to 40 billion dollar-a-year in in one in one institution one organization that manages that what is the role of then what kind of incentives can help. To empower as you say these players with their the to billions of two and a half billions that keep. Being given to this these countries are there those empowering or they are functioning us as a way to that that is a block to those reforms that are needed so at at. What point we also need to reflect on those issues. Of international aid in that in that context and that leads in terms of international initiatives to a very different one which is not about funding countries but it's about norms for disclosure and that's extractive industry. Transparency initiative or full disclosure my question will be try some insider information because I've been in the board for a number of years oh that it's now the Secretariat it's led by by Marc or. Marc Robin so was already introduced for some. Years has been the concern about some in the board and others at the idea that insufficient attention was being paid to the huge challenge of state-owned enterprises and this effort that we are willing today is part and parcel of trying to put it much more front and center he idea in parallel and with the. Collaboration of many here and ourselves as also made strides a new standard that's going to be a built in in June will already some significant changes but already there were some requirements and other norms related to state-owned enterprises so that. Would be the first question to. Mark if you can illuminate us in terms of what has been the status so far regarding the EIT IV. Savvy state-owned enterprises including the challenges and now with the potentially exciting new standard where some changes are taking place but maybe you also reflect what it still homework ahead regarding the. ITR more broadly on these issues of transparency disclosure and oversight that is required marking to you thank you very much Danny and congratulations to NRG I for producing a wealth of critically important data we haven't had such a treasure trove of data on the SOE s in this sector before. So it's a huge resource and it's a huge resource that matters not just in terms of the quality and quantity of data but it's a fundamental resource to help in the struggle for improved governance and accountability for the reasons you heard outline Patrick by Patrick at the beginning I. Like to think that the the best data you have in this treasure trove comes from AIT I countries and I haven't so there's a question there I'd be curious to know and it was very striking to me to see those countries where you had biggest data gaps were generally not members. Of the EIT item I'm curious to know and we'd be pleased to be reassured that is the case now but Dan you specifically. Asked about changes to the standard and Danny has been one of those on the board asking us at the Secretariat to bring forward and encourage the release of more data about. State enterprise operations but that demand comes not just from our. Poor but our all of our three major constituencies and from within the state owned. Enterprises themselves this is a no sense should be seen as an agenda driven by. International donors for example yes there's interest and his appetite from those promoting the drm the domestic resource and mobilization agenda because the quantitative significance of these revenues but there's also keen appetite from ministries of Finance and themselves who want more accountability from these entities and they. Want to have as you heard from Xena but clear of flow of Finance assured financial resources coming into the state exchequer. There's interest too from civil society which recognizes the critical importance of these revenues to fund basic investments in health education etc so this should be a win-win and this sort of data trove adds to the growing. Number of guidance documents being developed by many leading entities in the development world particularly the internet the IMF the European Commission the OECD and indeed ourselves too so there's plenty there is plenty of guidance and therefore a real niche for this kind of data coming to the standard itself Danny mentioned our global norm the. EITI standard our board went a very long way in our meeting in Kiev a month ago much further than many of us anticipated in making some quite far-reaching commitments on a number of areas of disclosure in this domain of state-owned enterprises it comes under three places in our standard and for those of you. Know this one is under the legal and institutional dimensions of state participation 2.6 another one comes under state enterprises themselves in. Terms of revenue collection 4.5 and finally 6.2 which is around expenditure so several points in our own standard have now been revised and overhauled with the active. Support of our all of our constituencies including those from state-owned enterprises such as as equina now very quickly what are these changes there's five in particular some of these. Are about clear wording about clear definitions but most importantly they are clarifying requirements on reporting by our 52 member governments including many of the enterprises you heard listed here in this in this in this collection of data so first of all to be a requirement to explain and clarify financial relations between state-owned enterprises and their subsidiaries and joint ventures. Simply to understand better the relationships between SOS and other parts of government secondly that SOS will be required to publish their audited financial statements or key data on their balance sheet. Where audited statements are not available and we've been helping governments in Iraq and DRC and improving their own financial reporting in the past year thirdly encouragement to disclose aspects of our operations and corporate governance including details of. Capital and operating expenditures but going further looking at procurement contracting and the appointed Board. Of Directors and codes of conduct that's a very far-reaching one number four clarifications of requirements related to SOA transactions to explicitly cover disclosures of government government transfers to SATs finally quasi fiscal expenditures so these are a whole range of off budget expenditures whether. It's for direct investment in. Health education roads infrastructure or subsidies and other non budget expenditures so these are now explicitly required to be reported systematically using the guidance from the IMF in its fiscal transparency in manual between them those. Five we believe significantly elevate the. Requirements on countries with major SEO is in this domain to report more effectively great things let me also follow up with you mark this is obviously hugely important and and progress and I like to know to emphasize the importance and how difficult it was that they are they say disclosure of audited financial statements. And that a that that's really a huge now in parallel there's been huge strides at the IMF with the fiscal transparency code including on on issues of state-owned enterprises in in national resources natural resources so and I know that I'm F is easier represented they may have. A comment on that so so first you have its suggestion okay these for contagion for further contagion so the IMF it has been doing it it's part the OECD has been doing its part we have the World Bank here so we have. An opportunity to also to pass messages and and not in in that context of. What what's next on on these of course we all know about the challenges of implementation so let's implement what's already there norm but are there areas still of opacity where agreements have not been fully fully reached or far from it that we need to work in the in the future the subcontracting. Is a particularly vulnerable area regarding corruption for instance now commodity trading transparency they has been progress also in the idea for. The next standard so you may want to comment so in terms of frankly looking ahead okay well challenges both for AIT i but also how in candor the rest of the partners and the world and international community do more on this Daniel P brief because I know we. Want to hear from the floor yes we have a very ambitious agenda and two aspects which I'd highlight again from our policy work through the standard which I think are relevant here one is on beneficial ownership particularly where you have hidden owners which have part or significant interests in joint ventures. And state-owned enterprises I think those two agendas do speak to each other and again an area where we're making some significant progress across the board in our 52 member states and as you say the other one is commodity trading transparency about four weeks ago we had a major meeting of the. Commodity traders and various implementing countries and state-owned enterprises represented at high. Level from Ghana from Libya and from Nigeria and the breakthrough there frankly it was on a increasing commitment from the commodity traders to put information in the public domain about the very significant flows in cargoes of oil into the. Public domain in near to real-time so these these three elements speak to each other both in terms of the relationship between downstream and upstream activities are not simply restricted to more information on revenues from the. Production side alone so it's a big complicated and interconnected agenda and within that there lies there lies a challenge which. Is this the real critical importance of capacity development to be able to one use existing guidance in the most effective way so promoting one world knowledge of the existence of these multiple forms of guidance and then of the data itself and enhancing analytic capacity to be able to use this effectively. Within the state-owned enterprises but frankly also by the many members of our multi stakeholder groups in the 52 EITI countries to access the information is in this this treasure trove of data so use it to whole governance to account and for companies themselves to be able to improve their. Own and streamline their own procedures so I do see a very significant capacity development need here which. Would be bringing in some of the best practices in the better. State-owned enterprises because as patrick said at the outset this is an extremely variable sector with good practices in companies in north and south so we want to make sure some of the best innovations are shared across the companies in our network by region so I think we and NRG I are looking for ways to. Invest more resource and effort in a specific area as a major challenge to overcome great thank you we'll start opening it up and this. Is a set way we already did discuss cause a perspective from the. Iti from the World Bank I mentioned the IMF has not mentioned yet other such important players among the multi multilateral Development Bank particular region one one very important one is an inter-american Development Bank mark and I just came out and Patrick came out of him of a gathering with very high officials from government from state-owned enterprises. And natural resources and civil society with the IDB mei TI and ourselves of the past past two days. The IDB has very much joined this this effort and for latin america wants to play an absolute leadership role given the importance of these issues and we we have honored we are not here to have the chief economist the new chief economist. Of IDB eric parados is with us who was also with us of the past past two days he's the intellectual and practical. Leader of the sovereign wealth fund in the modern era having started in in Chile and as many of you may know about the Santiago principle but he knows also intimately the Chilean and latin-american situation and I. Want to mention that and for full disclosure I'm also from Chile but Chile liking the resource governance index and others comes out they rated extremely highly and including and very much so regarding the state-owned enterprises natural resources of. Course this is not an all company in Chile as we all know it's copper so we're talking about Codelco incorporated at I buried at. The very top in that and and we are also were always keen to learn draw lessons even from other sub sectors of both natural resources these too often we fall into ideological debates that state-owned enterprises just are hopeless and. Everything has to be on the on the private sector another one in fact we do. Find in reality even in a country that is embraced basically a very much market-based principles like like Chile. There is an extremely important state-owned enterprise and that is which is still they are Codelco in the mining sector so I liked very very much for. Us to benefit from from an insight from you given what you have heard today and of course you this is not. About an oil producer but it is about a very important mining producer know what the most important in fact which is Chile. Eric hello this is the risk of sitting in front of an event but anyways. Thank you manny for this kind of interaction right now ma'am the chief economist had a DB so I'm in charge of macroeconomic issues mostly and trying to think about productivity issues and both in some way but it may produce life I used to be the manager of the. Chilean sovereign wealth funds and after that I helped at about countries to set up some funds around the world including Nigeria so happy it's happy to comment some of the lessons that I learned in these years first of all I have to congratulate energy I because you are delivering again new public good and I. Think it's important to continue with this with this work and related to that and I took some some comments that Patrick made is regarding the fiscal framework I think when we talk about the state-owned enterprises. We have to have and think about a comprehensive fiscal framework because sometimes is like we're working independently of the fiscal side and also on the state-owned company side so I think have to match. In some way having a comprehensive fiscal framework that considers not only national. Companies but also a fiscal rule how to manage flows but also how to manage stocks and that's when when you enjoy for instance oil booms gas booms or copper booms then you can save that money for the future and that's. Why you need to have this comprehensive fiscal framework until we have that of course our state-owned company call elko complain a lot because all the profits have to go to to Treasury and then Treasury can decide how to invest that money and the same thing regarding liabilities regarding debt issuance by this. Company so in some way there is some control regarding all the activities related to financial issues on the state-owned companies maybe. That's too extreme maybe we can try to find best practices but I think that. The first idea having comprehensive fiscal framework second idea I'm trying to read your all gas and mining so on the one hand I congratulate about this effort database on oil gas companies but you have to work on the mining company's tools so that we'll be ready to have to have all all type of state-owned. Companies in your database thank you thank you this is a great and greatly relevant. And B before we totally finish and now we want to go to the audience I like to have at least a few 30 seconds each in concluding remarks but Patrick may come back to the issue of what about mining in the future but also well how relevant it is to learn the lessons from state-owned. Enterprises in related sector but is not the. Same or is it something particularly intractable about all companies which unfortunately the the high-level representative from Ecopetrol in in Colombia had to go to the airport just left but they could also have been some insights from from all companies in here let me go to the floor and the somebody had at the very bottom and. I may take two or three questions first philosopher and then I'll come back to the to the audience and introduce yourself again tomorrow yeah they might didn't work well so the question the question was how this type of effort project database can be used for anti-corruption effort I there was. Going to be another question and what we're gonna use you wanted to a. Split let's collect a few questions all right I'm just all family from putting on time set up for investigative journalism in Nigeria and I have like two questions one for each of the panelists specifically for Xena you raise a point about you know how the price of oil can influence you know policy reform and you know. Looking at the data that Patrick showed especially for Nigeria you see that 2016 was an instructive year in terms of oil price you know the you know around tration do you think that I really affected you know the reforms in Nigeria for instance the president since to the Minister for oil and petroleum and that same year you. Had that you know based on its data you are almost insignificant amount of transfer to you know government and for you know mark how much of you know this you know Aita natural resource governance governance Institute. Effort is looking at building the capacity of man side. So I see a lot of you know civil society government interrelation sorry for my country but less around building the capacity of the media citizens to understand this data for instance with the amount of data you are gonna Nigeria I'm not sure you get a lot of usage from the demand side and what efforts will be made to. Address this we'll take one more does that work yeah thank you first congratulations to Patrick and every story my name is Juan Carlos kilos and. I used to work for Robin watch first congratulations to Patrick and every member of the team that made possible this database I think it's a. Great effort and congratulations and second is I mean it's this kind of data bases and evidence something that can help promote a clear idea of where should the governance of the oil companies go and and especially in proposing a direction similar to what happened in the macroeconomic management of governments two decades ago governments started making central bank's. Independence they got clear mission fight inflation and I mean the their objectives can change but there was a clear institutional decision to isolate central. Bank's from political interference and maybe in this sector we have something so important that we should go in in that direction also give independence to the national oil. Companies to achieve a clear limited goal and strengthen the government agencies to perform their tasks tasks that currently are in the hands of national governments some NoCs are also they're regulators of the sector they control the the reserves and and maybe this should be something done by by governments and and and maybe this type of. Databases and evidence can support moving towards a proposal in in. That direction I mean take take the example of central banks and and let's make the case for for the extractive sector thank you let's let's get back to the to the panel now we will start with mark then Zana and then and then Patrick in mark first maybe on on the job anti-corruption and. There was an e IDI specific question there is absolutely this is an important resource in the wider anti-corruption effort and it looks to the other question about the role of the media so one this provides data and information that those investigating corruption can use as. A resource in their effort both for advocacy and better public information no. Question about it. The direct links though as patrick said and not always self evidence so identifying gaps or lacunae in the data does not automatically point to the presence of corrupt practices it may simply be inefficient systems or poor management as opposed to outright corruption so. I think wanted to be careful we've just commissioned a study to help us AIT I and make it clear in terms of how our own work correct connects to the broader anti-corruption movement and this will be one of the themes in our global conference in Paris in two months time the specific question from our friend over here. On how do we reach civil society in the media it's a great question this is a formidable resource for the media. A lot of. Our work is dedicated to putting out data and information in public domain so in that spirit I think the implication of what you're suggesting would be as we think through where is the demand and interest for this data to make sure we bring in the media as a as an important actor and conveyor belt of that information to decision. Makers and the public that are very nice and important point thank you maybe one more point what. Are we doing we were bringing together a working group it most immediately are primarily of some of the leading state-owned enterprises who want to be champions of reform so we're already acting on some of the work we commissioned by Andrew Bower which is on our website at the end. Of last year which is a very detailed review of some of the available guidance as we think through how we can deepen and make use of these new commitments in our global standard they particularly it was a question of obviously about night Nigeria but also given your political economy know-how and analysis is it appropriate to think about a route. Of complete independence of these NoCs and what would be the prerequisite for. That independence to. Work in terms of corporate governance and things so that they do function like central bank so before I get to you. Know those two questions let me quickly say something about you know the anti-corruption question I think I completely agree with. The mark here that we also have to be careful in the way we use and invoke the term corruption because oftentimes what you have would be a whole series of things which could which could be equally egregious but they are not quite or things like that so we have to be careful in using you using. This kind of data to empower relevant stakeholders relevant entities particularly sub-national entities you know you know parliamentary oversight committees and the like that could help a lot so going to you know the question on Nigeria and I have to state a caveat here that I it's always a tricky balance to strike between. You know on one hand the research. That I did previously before joining the bank mostly on Nigeria and on the other hand you know. Here on an institutional platform me not wanting to pick on a particular country so please have that caveat in mind what you mentioned about you know the collapse of oil prices and whether they've. Had the same expected effect that I mentioned in Nigeria you know the issue of having the president Dublin as the minister of petroleum has been a historic one in Nigeria for a long time you know right from the opacity enjoy years and. All of that but I think there's also another thing and I've written about this sorry and plug in. My work but I've actually written about this particular issue that even in terms of oil production. In Nigeria you know the numbers that we have are actually estimates we don't really know how much oil precisely is produced in the country again for some of these political. Economy factors but then when you look at other there are other aspects of the industry that they have there have been movements there right so think about the NNPC you know there there there have. Been recent discussions about unbundling the NNPC especially you know in the 2016 and 2017 I don't know where those discussions are right now our oil subsidies also you know still a contentious issue in Nigeria and it's always you know when oil prices call then governments are thinking. About removing subsidies but then it's. Never an easy decision and NPCs assets as well there have been discussions and these are all this is all information in the public domain. About divesting some of nm pcs assets to raise revenue so there are there's. Some movement in that area and other areas and it's not so much that's what I would say to that and then to the third issue of you know what should be. The model going forward for NOC is should they move towards complete independence or what on that again I'm very very reluctant to say these are the precise things that need to be done. Also because I think there are certainly best practice ideals that NoCs and their respective governments should aspire to these ideals are of course a destination. And in the in the journey towards that destination these entities would necessarily have to adopt methods and practices that best fit their particular circumstances and even the World Bank's World Development Report on governance and law for the year 2017 sort of focuses on this issue of you know adopting best fit practices you know. That align with the the particular reform environment and situation of a country and this is because you know academics and and and and and scholars have have have come to the conclusion that you know successful reforms actually depend on the functions that institutions do as opposed to the form that they take right so while it is good. To aspire to best practice ideals I think it depends on the particular particular situation of that country thank you Xena okay let's go to Patrick we're mindful that I know we have been going over time but for a very good reason given how rich that has been so maybe it will. Be points and quick and and then to allow these two yeah thanks well IIIi won't repeat what Mark and Zeynep have said which I which I agree with it just to kind of compliment in a couple. Of places on the question of how to. Help continue to empower demand-side actors with this kind of information I mean I agree with everything that that mark laid out I would. Say that one of the things that we in NRG I are planning and have begun in in some places is working with civil society partners and with the media to accompany them as they try to contextualize some of this data right so not just to have. A number that is seventy five billion dollars but to see what has happened to that figure over time and to start to ask questions about what those changes over time mean or to put some of the information more into context in terms of what it means. For the economy or visa. Be different pieces of it and so you know in the design. Of the indicators we tried to put some of that contextual information in automatically but I do think that there's. A process of collaboration and cooperation that. Can help can happen not just with us but among CSOs and among journalists and in various places juan-carlos to your question and I think it's an interesting one the the question. Of how independent should NoCs be or doesn't make sense to kind of change the model and like Zana but I you know I think that these things have to be context specific but I would say one thing. Which is I think in one sense kind of case studies and evidence have shown us that NoCs tend to be most effective at executing their missions when they are led by professional expert staff with a clearly defined mandate and where political political interference in day-to-day decision-making is limited so in one sense I. Think yes independence can be an. Important element of kind of more effective and accountable performance but I'm leery of going too far with the word independence. Because you know these are after all public entities and in particular when we think about the amount of revenue that's going on that that these companies are gathering and I am very leery I would be I would be leery of making a statement that said let them handle. Things how they want and I actually. I'd like to link it a little bit back to what you were saying Eric which is that constraints on you know the amount of spending that companies are able to execute. Should be clearly defined there should be strong and clear benchmarks placed on their performance against well-defined indicators and then within the contours of those goals and those ambitions and those rules I do think that professional management is is you know critically important and most effective. So I would say independence in management and execution but with a clear public orientation in definition of rules system's goals and and benchmarks great Thank You Patrick and I know there may be more more questions I willing encourage whoever. Wants to stay certainly Patrick you can stay for a little bit let me just conclude with with a couple of reflections a and I like to do indicate how important in in this field where we do so much analysis and we're so careful about being rigorous and caveat in country context all these issues have. Come up that can conspire sometimes against ambition and being a bit outdoors ad audacious which I think at this stage may be needed so it's all okay to say and it's all very well taken that we have to be very careful in not equating the fact that is opacity or insufficient disclosure with necessarily the. Organization the national or company being. Corrupt fine the fact is that in terms of data in terms of statistics they likelihood of M of having significant corruption is associated with opacity so it is a red flag after all even if there is no 100% certainty about its. Own in terms of moving ahead for the future even for for the very specific objective of addressing addressing corruption looking very hard as at. Those countries where these enormous opacity steel will be very important in a and that goes to also the other important factor that of course transparency and this disclosure are absolutely essential they're necessary but they're not sufficient they. Have to be complemented by Allah Missouri was mentioned here the whole issue of. Civil society involvement for accountability and for monitoring and for applying pressure in places where there are constraints about that the likelihood again of finding corruption is higher because transparency if it's done just by Fiat. Cannot be translated into effective accountability that's in the report in the main report page 19 you find. Some some data of this this type of Association so one. Way of turning it around the caveat thing that was very carefully done here is to is to say yes but it is a red flag where we haven't done sufficiently the home homework regarding civic space we haven't done the sufficiently their homework regarding these. Disclosures and is a higher likelihood regarding corruption and that leads to ambition regarding going to the next stage with disclosures he was mentioning about mining before there's homework still ahead on what's needed with his open data disclosures of companies where. I would hope that a debate continues and not only among the like-minded people were all in this room and also those rows watching Andy iti energy IDB and so on but others in these very important international organizations where some issues came up as to they. Need to go to the next stage in that in that context and I hope to sign up we'll take some messages back also to the World Bank in that context the IMF is. Already doing things ID be and and others but much more is needed so with that. Many many things. For for to to Patrick for the fantastic world for the leading these and the whole team that has done that to the great panelists Zeynep an unmarked unto the audience here and throughout the world from being with us here and let's stay tuned because this is a start and we will all continue working together on. These very important issues thank.

 


Murphy Oil Corporation Company News

Wed, 08 May 2019 17:37:00 GMT
Murphy Oil Corporation [MUR] Price Analysis: NYSE:MUR Bull Target $33.88 or Higher - The Dwinnex
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Fri, 03 May 2019 11:59:00 GMT
Murphy Oil Corp (MUR) Q1 2019 Earnings Call Transcript - Yahoo Finance
Murphy Oil Corp (MUR) Q1 2019 Earnings Call Transcript Yahoo Finance MUR earnings call for the period ending March 31, 2019.
Thu, 02 May 2019 16:43:00 GMT
Murphy Oil (MUR) Beats Q1 Earnings and Revenue Estimates - Yahoo Finance
Murphy Oil (MUR) Beats Q1 Earnings and Revenue Estimates Yahoo Finance Murphy Oil Corporation MUR reported first-quarter 2019 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 10 cents by 50%.
Tue, 23 Apr 2019 07:00:00 GMT
Murphy Oil acquires deepwater GOM assets from LLOG for $1.375 billion - WorldOil
Murphy Oil acquires deepwater GOM assets from LLOG for $1.375 billion WorldOil Murphy Oil Corporation has announced that its wholly owned subsidiary, Murphy Exploration & Production Company – USA, has entered into a definitive ...
Wed, 01 May 2019 21:30:00 GMT
Murphy Oil Q1 2019 Earnings Preview - Seeking Alpha
Murphy Oil Q1 2019 Earnings Preview Seeking Alpha Murphy Oil (NYSE:MUR) is scheduled to announce Q1 earnings results on Thursday, May 2nd, before market open. The consensus EPS Estimate is $0.11 ...
Fri, 19 Apr 2019 07:00:00 GMT
Consider This Before Buying Murphy Oil Corporation (NYSE:MUR) For The 3.5% Dividend - Simply Wall St
Consider This Before Buying Murphy Oil Corporation (NYSE:MUR) For The 3.5% Dividend Simply Wall St Today we'll take a closer look at Murphy Oil Corporation (NYSE:MUR) from a dividend investor's perspective. Owning a strong dividend company and ...
Thu, 09 May 2019 08:51:22 GMT
Stock Chatter: Murphy Oil Corporation (NYSE:MUR) Quant & Returns in Focus as ROE Stands at 0.057191 - Williams Review
Stock Chatter: Murphy Oil Corporation (NYSE:MUR) Quant & Returns in Focus as ROE Stands at 0.057191 Williams Review In reviewing some key ratios and quant data for Murphy Oil Corporation (NYSE:MUR), we note that the mother of all ratios (Return on Equity) stands at 0.057191 ...
Thu, 25 Apr 2019 07:00:00 GMT
More Encouraged After Recent Development? – Murphy Oil Corporation (MUR), The Kraft Heinz Company (KHC) - Financial Mercury
More Encouraged After Recent Development? – Murphy Oil Corporation (MUR), The Kraft Heinz Company (KHC) Financial Mercury Looking at top Wall Street opinions, Murphy Oil Corporation (NYSE: MUR) has recently made its way into the research list of Goldman – signaling that their ...
Fri, 19 Apr 2019 07:00:00 GMT
Report: Exploring Fundamental Drivers Behind Murphy Oil, Clean Harbors, OncoMed Pharmaceuticals, RiceBran Technologies, Zedge, and Aptose Biosciences — New Horizons, Emerging Trends, and Upcoming Developments - GlobeNewswire
Report: Exploring Fundamental Drivers Behind Murphy Oil, Clean Harbors, OncoMed Pharmaceuticals, RiceBran Technologies, Zedge, and Aptose Biosciences — New Horizons, Emerging Trends, and Upcoming Developments GlobeNewswire NEW YORK, April 19, 2019 (GLOBE NEWSWIRE) -- In new independent research reports released early this morning, Market Source Research released its ...
Wed, 08 May 2019 13:10:00 GMT
Ensco Rowan (ESV) Tops Q1 Earnings Estimates, Lags Revenues - Yahoo Finance
Ensco Rowan (ESV) Tops Q1 Earnings Estimates, Lags Revenues Yahoo Finance Ensco Rowan plc ESV reported adjusted first-quarter 2019 loss of $1.69 a share, narrower than the Zacks Consensus Estimate of a loss of $1.79. The quarterly ...