Extracting Information from Extractive Industries

Photo by koolmann. Some rights reserved.

A notice in the Federal Register yesterday provided details on upcoming public listening sessions and initiated a new comment period for the United States Extractive Industries Transparency Initiative’s (USEITI) Stakeholder Assessment, which was published last Friday.

USEITI is the U.S. implementation of, well, “regular” EITI, a global coalition of governments and companies that sets standards for transparency in oil, gas, and mining. The U.S. committed to implementing EITI standards in 2011, as part of our National Action Plan, charging the DOI with the task of developing a plan for the government to disclose revenues from oil, gas, and mining assets. (Sound familiar? The voluntary disclosures encouraged by EITI are similar to those required by public companies under Dodd-Frank’s Section 1504.)

Part of this implementation means forming a Multi-Stakeholder Group (MSG), which will be responsible for overseeing implementation of USEITI. EITI Requirement 4(h)(v) notes that the “government may…wish to undertake a stakeholder assessment” as part of forming the MSG, and thus the aforementioned Assessment was born.

Comments on the Assessment are due June 29, 2012.

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