Wood, the Aberdeen-headquartered energy services giant, has earmarked $196million in order to settle bribery cases with authorities in the US, Brazil and the UK.
“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.
SBM Offshore is seeking clarity from the Swiss Federal Prosecutor after it brought fresh suspicions of corruption against the Dutch contractor.
A UK court has ordered P&ID to pay £1.5 million to Nigeria as an interim payment to cover costs involved with litigation around a proposed gas-processing plant in Cross Rivers.
A veteran Algerian politician won a presidential election spurned by most voters, giving fresh impetus to protests demanding a complete revamp of the OPEC member’s political system.
South Africa’s Hawks police squad has arrested a former minister Bongani Bongo, and MP from the ruling African National Congress (ANC) party, over alleged improprieties at the Eskom power utility.
The Office of the Attorney General (OAG) of Switzerland has ordered Gunvor to pay almost 94 million Swiss francs ($94.7mn) for failing to prevent corruption in Congo Brazzaville and Cote d’Ivoire.
The US government has sanctioned two men with links to South Sudan’s oil industry.
A collection of supercars that had been owned by Equatoguinean Vice President Teodorin Nguema Obiang has been sold at auction in Geneva.
Eni has confirmed its offices were searched as part of an investigation into alleged corruption in Congo Republic, a news report said.
Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud, according to Indonesian police.
Nigeria's upper house of parliament is to investigate allegations the state oil company illegally inflated funds it collected from an official subsidy scheme.
The head of Russia's biggest oil company Rosneft met with a government minister in what turned out to be a law enforcement sting operation, according to reports
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.
One of the companies involved in an investment agreement with the Scottish Government is owned by a firm which was blacklisted by Norway’s oil fund because there was an “unacceptable risk that the company is involved in gross corruption”, it has emerged.
Brazil’s largest party abandoned President Dilma Rousseff’s governing coalition, making it tougher for her to survive mounting pressure in Congress for her impeachment.
A committee set up by Nigerian President Muhammadu Buhari to investigate the awarding of security contracts from 2011 to 2015 has found as much as 123 billion naira ($618 million) in fraudulent payments could be recovered, the government said.
Norway said its sovereign wealth fund has placed its investment in Brazil’s Petrobras under observation.
Nigerian's went to the ballot box this year to elect a new leader of the West African country.
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.
Nigeria must stop using its rich oil resources as a 'cash cow' if it is to reform the nation's politics and economy, according to a leading expert.
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.”
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.
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.
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.