Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Folder An icon of a paper folder. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. Linked In An icon of the Linked In logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo.

corruption

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.

Oil & Gas

Former senior Chinese energy executive stands trial

A former senior Chinese energy executive has gone on trial this week, the official Xinhua news agency reported on Wednesday, part of the government's sweeping crackdown against deep-rooted corruption. Wang Yongchun was a deputy general manager at China's biggest oil company, China National Petroleum Corporation (CNPC), until he became caught up in a graft probe last year. Wang's trial on charges of "holding a huge amount of property with unidentified sources" and "abuse of power by a staff member of a state-owned company" opened on Monday in Xiangyang, central Hubei province, Xinhua said.

Other News

Trial for China’s ex-security chief

China’s once-feared security boss Zhou Yongkang has been formally charged with corruption and leaking of state secrets. The move sets the stage for him to become the highest-level politician to stand trial in China in more than three decades. The long-expected indictment, announced by the country’s procuratorate, followed a lengthy investigation that also had scrutinised Zhou’s former allies in government and the oil industry. Zhou, a former member of the all-powerful Politburo Standing Committee, had been under investigation since late 2013.

Other News

Engineering firm files for bankruptcy after Petrobas scandal

Engineering company Galvao Engenharia has filed for bankruptcy following the Petrobas scandal. The firm had its payments cut off by the state-run oil company following an alleged corruption scheme. However Grupo Galvao, the firm's parent company, said it had no part in the alleged corruption involving Petrobas.