12 Strengthening public oversight of extractive deals In response to budget shortfalls and constraints on investment capital, some governments have faced an urgent need to secure revenues from their extractive sector. The global transition to renewable energy will reshape economies and resource-rich countries may seek to exploit fossil fuels while prices remain competitive. In some cases, governments may come under pressure to conclude extractive deals and agree to less favourable or inconsistent provisions. In this context, it is more important than ever that governments and companies disclose contracts to strengthen accountability and public oversight. This has been a milestone year for contract transparency. As of 1 January 2021, EITI implementing countries are required to publish all new and amended extractive contracts. The EITI Board also clarified the requirement on contract publication to ensure full transparency over the terms agreed by governments and companies. Many countries are setting new precedents in this area. Disclosures have enabled civil society groups and analysts to scrutinise the terms of agreements, conduct revenue projections and track whether communities are receiving the shares to which they are entitled. eiti.org/contract-transparency OIL AND GAS CONTRACTS SOME/ALL CONTRACTS NO CONTRACTS MINING CONTRACTS SOME/ALL CONTRACTS NO CONTRACTS DISCLOSING STANDARD LICENSES * Mexico Mexico’s latest EITI Report contains a list of all contracts and licenses in the hydrocarbon sector, and includes for the first time a detailed breakdown of royalties, dividends and taxes per contract. This data corresponds with systematic disclosures made by the National Hydrocarbons Commission on exploration and production agreements. Disaggregated reporting on hydrocarbon agreements has established a baseline for further disclosures of information on the mining sector. rondasmexico.gob.mx A global norm in* contract transparency*