Extractive Industries: Myanmar?s natural resources include gems, industrial minerals, proven oil reserves of 50 million barrels and proven gas reserves of 10 trillion cubic feet (US Energy Information Administration). According to the Central Statistical Organisation, gas accounted for 29% of exports and gemstones 10% of exports in FY March 2013 ? March 2014 and the extractive sector is the second largest source of foreign direct investment. The Central Statistical Organisation reported total sales of gas in an amount of US $3.3 billion in 2013-14, up from US $580 million in 2003-04. Official revenues from gem stones sales in 2014 were estimated at US $3.4 billion (Myanmar Gems Emporium). Despite its mineral wealth, Myanmar is one of the least developed nations in the world, facing considerable challenges with managing its natural resource wealth. The reform process initiated by President Thein Sein is continuing at a high pace, including in the extractive sector. The recently completed onshore and offshore oil and gas bidding rounds will see several international oil and gas companies entering the scene. Legal reforms are underway in the mining sector with a view to amend the current fiscal framework. EITI is a central part of the government?s reform agenda, in particular on public financial management reforms, and should provide access to reliable data about extractive industry revenues in a country where these figures still remain largely unknown. EITI is also seen as a tool for contributing to building trust between the government and communities and contribute to the peace process. EITI Reporting The country produces EITI Reports that disclose revenues from the extraction of its natural resources. Companies disclose what they have paid in taxes and other payments and the government discloses what it has received. These two sets of figures are compared and reconciled..."