Oil majors rebuked for lack of transparency : Peak Oil Discussion

Oil majors rebuked for lack of transparency

by wisconsin_cur » Mon 28 Apr 2008, 10:35:48

FT

$this->bbcode_second_pass_quote('', 'M')ost leading oil multinationals fall well short of best practice on revealing financial data and combating corruption, a survey by Transparency International, the anti-graft group, claims.

The research says western companies such as ExxonMobil, ChevronTexaco and BP rank as middling or poor performers on voluntarily disclosing information about their operations – alongside China National Offshore Oil Corp, Russia’s Lukoil and Petronas of Malaysia.

$this->bbcode_second_pass_quote('', 'O')il companies and their critics have long argued over the degree of the industry’s culpability for the so-called “paradox of plenty” that has left crude-rich countries such as Nigeria and Angola racked by conflict and corruption.

TI says oil companies have important responsibilities in the areas its report assesses, including publishing the sums paid to host countries, revealing details of reserves and production costs, and publishing data on anti-graft policies and sanctions on employees who break them.

The Extractive Industries Transparency Initiative – an alliance of governments, business and civil society set up to increase openness in oil industry finances – said the research showed companies had made some progress, but still had much more to do.

http://www.thenewfederalistpapers.com

Oil majors rebuked for lack of transparency

Oil majors rebuked for lack of transparency

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