Daily Archives: June 1, 2011

William MacNamara

The movement to enforce a higher standard of transparency in the oil and mining sectors gained ground last week during the G8 meetings, when the head of the European Commission said he expected mandatory disclosure laws to be tabled in October.
The final declaration from Deauville, where G8 group of industrialised countries concluded meetings on Friday, included a commitment “to setting in place transparency laws and regulations or to promoting voluntary standards that require or encourage oil, gas, and mining companies to disclose the payments they make to governments.”
The European Union is moving toward replicating a controversial provision of the US Dodd-Frank act.

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David Blair

It was not a bluff. When Centrica warned a month ago that it might choose to leave one of Britain’s biggest gas fields off-line because of the higher taxes levied on UK energy companies, some thought this was an empty threat.

However, South Morecambe gas field has become available after a period of routine maintenance – and Centrica chose to leave it dormant on Wednesday morning. Read more