EU adopts new transparency rules for oil and gas companies

The European governments in the EU have reached consensus on adopting some preliminary rules for transparency in oil and gas companies. The rules are similar to those the U.S. imposed upon its companies last year involving data on payments to foreign governments.

BY LOUISE VOGDRUP-SCHMIDT

Published: 10.04.13 at 16:50

It should be more transparent who oil and gas companies pay money to when they are operating in other countries. This belief is shared by the EU who today adopted a tightening of the rules concerning what information oil and gas companies must provide when they pay foreign governments. The rules are similar to those in the U.S., writes Rigzone.

The new rules force 90 percent of the world’s largest extraction companies, including energy companies such as Shell and Rio Tinto, to provide more detailed information.

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