Friday, February fourteenth, the UN says at least 22 people have been killed in a village in the Northwest region of Cameroon. Over half of those killed were children. No one has claimed responsibility for Friday’s incident but the opposition parties blame the killing on the government.
Curruption disease in the oil and gas industry
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.
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.
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