Ministry of Mines and Energy. Cali, Valle. August 31st, 2017. The Ministry of Mines and Energy, acting within the framework of the Territorial Mining Governance Challenges discussion, will present the world-class EITI standard for the promotion of an open and responsible management of resources from oil, gas and minerals. Colombia applied to join this standard in 2013.
The first objective of this initiative with 52 member nations is providing more information on production and investment contracts as well as public expenses for the activities of the extractive industry. For this reasons, Colombia has prepared reports (2013, 2014 and 2015) and a webpage (www.eiticolombia.gov.co) as well as National Work Committee (CTN) that includes the Government, private companies and civil society, who are responsible for leading, controlling and supervising this initiative.
Next year, Colombia expects to increase its progress in order to become a full official member of the international EITI standard, through an anticipated validation process that will begin in October 2017 and ends in May 2018 (results will be presented on that date). This will put the country on the map as one of the leaders in transparency within the oil, mining and energy sector of Latin America.
EITI member nations must submit to a validation process every three years or whenever the leading Council of the initiative has requested it.