Strict transparency rules proposed in Europe

Oil and gas companies would have to report payments to host-country governments project by project under a measure approved Sept. 18 by a committee of the European Parliament. Disclosure at the project level drew strong but ultimately futile opposition from the oil and gas industry when the US Securities and Exchange Commission last month made it part of transparency requirements under the Dodd-Frank Financial Reform Act of 2010 (OGJ Online, Aug. 22, 2010). Companies with international operations say the need to report payments to foreign governments more detailed than country totals will put them afoul of contract provisions and create competitive problems. They say state-owned oil compa...

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