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Tullow Oil steps up reporting openness

  • POSTED ON: March 25, 2014
  • AUTHOR: Editor

Tullow Oil is to become the first oil company to disclose its payments to foreign governments with the level of detail demanded by anticorruption campaigners, advancing a transparency drive that has met fierce resistance in parts of the industry.

Campaigners say the FTSE 100 company’s decision to undertake so-called project-by-project reporting undermines the position of the US oil industry lobby, which is seeking to block regulators from making such disclosures mandatory for oil and mining groups.

“This information is being released as part of our commitment to ensure that there is transparency around our payments to governments in the countries in which we work,” said Tullow ahead of Monday’s release of its annual report containing the new disclosures.

The London-listed group said its disclosures would be in line with an European Union directive that will oblige oil and mining groups to publish tax, royalty and other payments to foreign governments.

Financial Times

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