Anti-corruption group Transparency International released the list of the world's most and least corrupt oil companies on April 28.
The TI study was based on 42 oil companies from 21 countries. The report placed these 42 oil and gas companies into three tiers based on their level of transparency in revenue disclosure.
Oil and Natural Gas Corporation was the only Indian oil company to feature in the list. Interestingly while ONGC was placed in Tier I as far as disclosures at home were concerned, TI placed it in Tier III in the overseas disclosure segment.
ONGC, officials, however maintained that the overseas arm was a separate entity named ONGC Videsh (OVL) and not ONGC. The TI report, however, makes no mention of OVL.
While Royal/Dutch Shell, Brazil's Petrobras, Norway's StatoilHydro, BG Group of UK and Petro-Canada were among the best performing companies, the TI report clubbed China's CNOOC and CNPC, Russia's Lukoil and US-based ExxonMobil Corp in the lowest tier for disclosing information only by geographical segment and providing almost no additional information.
Read on to find out more about some of the world’s most and the least transparent oil and gas companies.
1. Royal Dutch Shell PLC
Shell is a worldwide group of oil, gas and petrochemical companies with interests in biofuels, wind and solar power and hydrogen.
In December 31, 2007, the company's income from continuing operations stood at $355,782 million in 2007.
The company's first-quarter net profits in 2008 leapt 25 per cent to $9.08 billion because of record-breaking crude oil prices. Net earnings on a current cost of supply basis, excluding fluctuations in the value of inventories, were up 12 per cent to $7.78 billion compared to the same period of 2007.
Shell PLC along with BP PLC, Europe's two biggest oil producers, recently posted forecast-busting first-quarter profit of $17 billion, thanks to record crude oil prices.
The two companies' combined profits reignited calls for a windfall tax on oil profits as consumers struggled to pay for food and fuel.
Image: A Shell fuel tanker is pictured inside the Grangemouth Oil Refinery in Grangemouth, central Scotland.
Photograph: Paul Ellis/AFP/Getty Images
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