Crunch time for the EITI

April 14, 2010By Andy RowellBlog Post 2 Comments

Tomorrow the International Board of the Extractive Industries Transparency Initiative is holding its Annual meeting in Berlin. The EITI was set up by ex-British Prime Minister, Tony Blair to try and improve improved governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas and mining. The … Read More

US Government Loses Billions in Oil Royalties

September 19, 2008By Andy RowellBlog Post 1 Comment

You would think that as the US government thinks about buying up large numbers of distressed mortgages held by the country’s ailing financial institutions and sticking them in the “Bad Bank”, it would be in need of every dollar it could get. As one financial analyst said last night, the bad bank might work until … Read More

The Iraqi Oil Windfall

April 24, 2008By Andy RowellBlog Post 1 Comment

New data on Iraq oil revenues suggests that country’s government will reap an even larger than expected windfall this year — as much as $70 billion — according to the special U.S. auditor for Iraq. New figures from Iraq’s government show revenue from exports hit $5.83 billion in December — more than $1 billion over … Read More

Alberta’s Oil Sands: “No Missing Billions”

April 8, 2008By Andy RowellBlog Post

An Alberta government report has dismissed the notion that the Canadian state had failed to collect billions of dollars in royalties in previous years. Former Auditor General Peter Valentine, who authored the report also said the system for collecting economic rent from the oil and gas industry was “generally well-designed, if not always well-executed.”

Venezuela’s Congress OKs “Windfall” Oil Tax

April 4, 2008By Andy RowellBlog Post

Venezuela’s Congress has given initial approval to a windfall oil tax that extends President Hugo Chavez’s campaign to increase government revenue from the oil industry. The tax will tap into private company profits amid record oil prices above $100 per barrel, and will step up his confrontation with the global energy giants, like BP.

Nigeria Scraps Shell’s Bonus Scheme

February 6, 2008By Andy RowellBlog Post

The growing row between Shell and the Nigerian Government over financing has taken a turn for the worse. The Nigerian Government has now scrapped an oil bonus scheme that rewarded Shell in a further escalation of the confrontation between the two sides.

Kazakhstan Renegotiates Oil Deal

December 21, 2007By Andy RowellBlog Post

Platform, the oil industry watchdog, is today publishing a report that argues that Kazakhstan is missing out on up to $20bn of revenues over the next decade as a result of the problems at the vast Kashagan oilfield. Kazakhstan agreed surprisingly generous terms in its 1997 contract with international oil companies for developing the field, … Read More

Canada: Oil Major Warns of $20-billion in Cuts

October 11, 2007By Andy RowellBlog Post

The backlash against increasing royalties in Alberta’s oil and gas sector continues. Canadian Natural Resources is warning that oil sands projects worth more than $20-billion could be shelved if proposals to increase royalties are fully adopted. It joins a chorus of dire warnings from the energy sector. In the oil sands, Canadian Natural’s $7.6-billion Horizon … Read More

US Department of Interior “Too Cozy” With Oil Industry

September 26, 2007By Andy RowellBlog Post

A year-long investigation by the US Department of Interior’s chief independent investigator has found that its program to collect billions of dollars from oil companies that drill on federal lands is troubled by mismanagement, ethical lapses and fears of retaliation against whistle-blowers. It also suggested that the agency was too cozy with oil companies and … Read More