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Article

24 Mar 2014

Author:
Samuel Rubenfeld, Wall Street Journal

Tullow Oil Moves To Project-Level Disclosure

Tullow Oil PLC disclosed the payments it makes to foreign governments project by project, meeting a transparency demand from activists and jumping ahead of [EU] compliance requirements fought by competitors... “We publish this information because we believe revenue transparency encourages healthy debate among civil society organizations, non-governmental organizations and the government, enabling interested parties to participate in meaningful discussions on the equitable sharing of wealth from oil resources,” the firm said...Tullow is the first oil or mining company to report on its payments to governments down to this level, said Ian Gary, senior policy manager on extractives for Oxfam America... “This level of transparency benefits both investors and local communities,” he said...Oil companies and trade groups have been fighting tooth and nail in the U.S. to stop [similar] rules...and they won: A court vacated the [US] rules, which are now being rewritten. “Tullow’s move shows that global oil companies can disclose such information at little cost and without fear of competitive harm,” said Mr. Gary.