Energy directors must ask questions of their subsidiaries

“The child gold-diggers”. That was the title of a recent Sunday Times feature, which tracked illegally mined gold from the child miners of Ghana to the “clean” gold markets of Europe, via the Dubai gold souk.


Rousseff faces key vote as her future remains on line

Senators in Brazil have started a debate on whether to oust President Dilma Rousseff, a movement that has built up steam and turned into a referendum on her leadership amid several crises facing Latin America’s largest nation.

Other News

Nigeria’s $5.5-billion arms scandal tests Buhari’s war on graft

Revelations that top officials are suspected of pilfering the equivalent of almost the entire annual defense budget would cause shock waves in most countries. Not in Nigeria, where the public sees political power and graft as bedfellows. The novelty this time is that President Muhammadu Buhari immediately ordered the arrest of a former national security adviser, after a government commission found that he and other officials allegedly misappropriated as much as $5.5 billion that was supposed to buy equipment to fight Islamist militant group Boko Haram. “I don’t think Nigerians would be very surprised about somebody stealing $5 billion at all,” Boye Gbadebo, a Nigerian national who works as an Africa analyst at consultancy Ake Partners, said by phone from Johannesburg.

Oil & Gas

Transocean mentioned in Petrobras carwash corruption probe

Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”

Oil & Gas

Soma Oil & Gas calls for meeting with UN over corruption allegations

Soma Oil & Gas has called for a meeting with the United Nations (UN) to discuss allegations regarding its dealings in Somalia. The move comes after the company became the subject of a criminal investigation by the Serious Fraud Office (SFO) in relation to alleged corruption. Soma, which is chaired by former Conservative Party leader Michael Howard, wants to arrange talks with UN Security Council Committee chairman Rafael Dario Ramirez Carreno.

Oil & Gas

Nigeria should overhaul state oil sales to stop corruption, report says

Nigeria's new president should overhaul how Africa's biggest oil producer sells its state oil company's share of crude oil output to save billions of dollars in wasted and lost revenues, a report by an international governance watchdog said on Tuesday. About half of Nigeria's 2 million barrel per day (bpd) crude output goes to NNPC, the state-owned oil company. NNPC sells half that oil to its subsidiary Pipelines and Product Marketing Co for the country's refineries. The poorly maintained plants are however unable to process the bulk of the oil and over the years this allocation has devolved into a "nexus of waste and revenue loss," according to the report by Natural Resource Governance Institutes (NRGI), a non-profit.

Oil & Gas

Petrobras workers on strike

Brazilian oil workers have begun a 24 hour strike in an effort to halt moves to shrink state-run oil company Petrobas. Union workers, led by FUP – the country’s largest federation of oil workers for refineries and oil platforms – called for employees to walk off their jobs on Thursday at midnight. Petrobas has announced plans to sell $15.1billion of assets by the end of 2016 in a bid to pay down debt.