US, Ethiopia, PNG to join anti-corruption drive

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Addis Ababa, 9 April 2014 (WIC) - Ethiopia, the United States and Papua New Guinea are on course to join the leading world initiative to combat corruption in the energy and mining industries, Reuters reports.

The three now have three years comply with EITI standards.

Commercial oil finds in neighbouring Kenya have raised hopes of a strike in neighbouring Ethiopia.

International explorers in Ethiopia include London-listed Tullow Oil and Africa Oil which are drilling along the country's southern border with Kenya.

Home to Sub-Saharan Africa's second largest population, Ethiopia is among the continent's fastest growing economies.

United States membership commits its federal government to disclosing all the payments it receives for the exploitation of oil and minerals on federal lands, which would include the money it gets from offshore oil and gas exploration and production.

"The U.S. have all sorts of different reporting in their system, which is quite complex. Some is reported at the federal level, some is at state level, and Native Americans ... have different systems," Clare Short, chairwoman of the EITI, told Reuters.

Currently energy firms active in the U.S. may break out profits and production by regions of activities, like the Gulf of Mexico. (Reuters)