Posts Tagged ‘U.S. Dodd-Frank Act (Section 1504)’

Tullow’s tax disclosures torpedo Big Oil’s campaign for secrecy

Tullow Oil from Ghana to Uganda. Photo by Christiane Badgley

Tullow Oil, Ghana. Photo by Christiane Badgley

From Global Witness:

UK oil company becomes the world’s first extractive firm to publish revenue payments to governments by project

March 24, 2014

The UK company Tullow Oil today became the world’s first extractive firm to publish details of its revenue payments to governments broken down by each project the company operates worldwide. The disclosures, released today in Tullow’s annual report, show the taxes, royalties, licence fees and other public revenues generated by the company’s operations across 21 countries – 14 of which are in sub-Saharan Africa – for the years 2012 and 2013.

Tullow’s voluntary disclosures are being released in advance of a new EU law, due to come into force in the UK in 2015, that will require EU oil, mining and logging companies to publish their payments to governments on a project-by-project basis. These detailed disclosures will enable citizens in economically poor but resource-rich regions to monitor public revenues worth hundreds of billions of dollars and hold governments to account for how the money is used.

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