Skip to main content

Falkland Islands: Oil

Volume 506: debated on Wednesday 3 March 2010

To ask the Secretary of State for International Development if he will apply the rules of the extractive industries transparency initiative in relation to any oil that may be discovered in the Falkland Islands. (320104)

If oil is discovered in the Falkland Islands, any revenues generated will be subject to the same rules applied by the UK Government to other revenue received from extractive industries.

The UK Government publish all information on revenue received from oil and gas industries, including taxation revenues and this available on the HM Revenue and Customs website at

http://www.hmrc.gov.uk/index.htm

The UK practice of disclosure of revenue information is in line with the principles of the extractive industries transparency initiative.