• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 8 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 14 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 47 mins Venezuela set to raise gasoline prices to international levels.
  • 32 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 13 hours Saudi Fund Wants to Take Tesla Private?
  • 23 hours Starvation, horror in Venezuela
  • 14 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 6 hours Corporations Are Buying More Renewables Than Ever
  • 22 hours WTI @ 69.33 headed for $70s - $80s end of August
Alt Text

Why The U.S. Won’t Sanction Venezuela’s Oil

Rumors of the U.S. government…

Alt Text

Oil Prices Fall Despite Supply Fears

Oil prices started the day…

Alt Text

Why China Will Continue To Buy Iranian Crude

While the United States sanctions…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Corruption Endemic In The Oil And Gas Industry

Oil Platform

A major bombshell broken by the Guardian newspaper this week, shows that something may have been amiss with a 2009 ExxonMobil oil bid in Nigeria — where the major won a massive concession, despite bidding $2.25 billion less than China’s CNOOC.

And the news on corruption in the resources sector didn’t stop there. Reports also surfaced that the FBI may get involved in a widening probe into alleged bribery by Sable Mining on iron ore projects in Liberia.

With all that going on, the U.S. Securities and Exchange Commission (SEC) took the opportunity Monday to unveil some critical new rules on oil and gas reporting. With the regulators bringing in strict requirements on how companies working internationally report payments to governments.

Under the new rules, companies involved in oil and gas extraction would have to disclose any payments over $100,000 made to state bodies. With this information being made available to the public each year, as part of a Form SD — or Specialized Disclosure report.

The move from the SEC is the latest in a long saga related to payment disclosure for oil and gas. With such measures having initially been mandated by the U.S. government as part of the Dodd-Frank Act of 2010.

The SEC subsequently proposed a first attempt at these rules, but the measure was suspended by a Washington D.C. judge in 2013 — after a lawsuit led by the American Petroleum Institute claimed that public disclosure of payment information could put U.S. firms at a business disadvantage. Related: Oil Prices Rally On Weaker Dollar

In 2014, Oxfam America then sued the SEC — to speed up a second attempt at the payment rules. With this week’s announcement coming on the last possible day that judges in that case allowed for the regulator to present a re-written policy.

In regards to proprietary information, the SEC said that oil and gas companies will still have to file all payments made during the year. But the regulator will then translate that information into a “public compilation” — presumably with the aim of protecting sensitive data.

Watch to see if that’s enough to satisfy oil and gas industry groups — or if more lawsuits will be coming here.

Here’s to cleaning things up,

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News