Norway has, as the first and so far only OECD country, implemented implementation of the so-called EITI criteria. Transparency of payment flows has been integrated into petroleum management since the start of petroleum activities on the Norwegian continental shelf. The so-called EITI criteria are global and the purpose is that by implementing the system, Norway will be a driving force towards other countries.
Control of cash flows in petroleum activities is important because these resources are crucial for Norwegian employment and welfare. I am pleased that the report confirms that we have good control and audit systems in place and have transparency about the cash flows. When you see what values this is about, it is understood that control and transparency are important, says Minister of Petroleum and Energy Terje Riis-Johansen.
The licensees on the NCS have reported all their petroleum-related payments to the state in 2008. Similarly, the various government agencies have reported what they have received from the individual companies. As an administrator and independent body, Deloitte has received the reports and reconciled the individual payment streams. The companies have reported payments totaling more than NOK 400 billion. The amounts reported are paid in accordance with what the various government agencies have reported to have received. The sum of the reported amounts is also in accordance with information presented in the Government Accounts for 2008 (Report No. 3 (2008-2009)) as Net cash flow transferred to the Government Pension Fund Global (Petroleum Fund). The report provides a detailed overview of each individual company’s payment of petroleum tax, CO2 fee, area fee and NOx fee.