Neptune Energy  announced it has signed up to the Extractive Industries Transparency Initiative, which is designed to improve accountability for the revenues paid and received for a country’s oil, gas and mineral resources.

By endorsing the initiative, companies commit to transparently reporting information about their operations in EITI-supporting countries, helping inform policymakers and raising governance standards.

Neptune Energy’s Head of ESG, Kate Niblock, said: “We are proud to help uphold the EITI’s goal of strengthening public awareness of how countries’ natural resources are managed.

“Paying taxes is an important part of the socioeconomic contributions that we make in the countries where we work in Europe, North Africa and Asia Pacific, and our support reflects our commitment to transparency and open reporting of information.”

Mark Robinson, EITI Executive Director, added: “We welcome Neptune Energy to the EITI community. By committing to the Expectations for EITI supporting companies, Neptune Energy will have the opportunity to learn from and set international best practices on corporate transparency and accountability.”

Becoming a formal supporting company builds on Neptune’s existing commitments to transparent tax disclosure, under which the company reports payments to governments on a country-by-country and project basis, in keeping with the UK’s national reporting regulations.