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Exxon Hit For Its Secrecy | Oil Watchdog

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Exxon Hit For Its Secrecy

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Tue, Apr 29, 2008 at 4:26 pm

    Exxon Hit For Its Secrecy

    04-29-08 by simpson

    Oil giant ExxonMobil is as secretive as its competitors in Russia and China, according to a report just released by Transparency International, a global organization fighting corruption.

    "The tragic paradox, that many resource-rich countries remain poor, stems from a lack of data on oil and gas revenues and how they are managed," Huguette Labelle, chairperson of Transparency International, told the BBC. "Companies must do more to increase transparency."

    Exxon received the lowest rating with China’s CNOOC and Russia’s Lukoil.

    Other Big Five oil companies were rated better. BP, Chevron and Conoco-Philips were all rated "medium" for transparency in their financial dealings. Shell received a "high" rating.

    Transparency International said companies should report the revenues paid to individual governments of countries for extraction rights.  With more information available on how the oil companies operate, it would be easier to target corruption, the organization said.

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