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.
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.
2. Petrobras
Petrobras is one of the major oil and natural gas companies of Brazil with extensive overseas reach.
The company's market value increased by 87 per cent in 2007.
However, the company's consolidated net income in 2007 was 17 per cent less than in 2006, primarily because of monetary exchange corrections.
Petrobras' consolidated net income in the final quarter of the same year too fell by 9 per cent over the 3Q-2007, corresponding to the reduction in the operating result.
The company's average oil and gas production remained very close to 2006 levels, since four of the five new production projects installed in 2007 only commenced operations in the final quarter.
In December 2007, however, the company set a record for a day's oil output in Brazil of 2,000,238 barrels.
Petrobras is one of the major oil and natural gas companies of Brazil with extensive overseas reach.
The company's market value increased by 87 per cent in 2007.
However, the company's consolidated net income in 2007 was 17 per cent less than in 2006, primarily because of monetary exchange corrections.
Petrobras' consolidated net income in the final quarter of the same year too fell by 9 per cent over the 3Q-2007, corresponding to the reduction in the operating result.
The company's average oil and gas production remained very close to 2006 levels, since four of the five new production projects installed in 2007 only commenced operations in the final quarter.
In December 2007, however, the company set a record for a day's oil output in Brazil of 2,000,238 barrels.
3. StatoilHydro
StatoilHydro is a Fortune 50 integrated oil and gas company based in Norway.
The StatoilHydro group is one of the largest net exporters of crude oil in the world. The company plays an important role in CO2 capture and storage.
The company's revenue for the year 2006 stood at NOK 431,112 million, whereas income before financial items, income taxes and minority interest stood at NOK 114,449 million and net income at NOK 39,065 million.
The figures for 2007 are not available.
One US dollar = 5.15 Norgegian Krone (NOK)
StatoilHydro is a Fortune 50 integrated oil and gas company based in Norway.
The StatoilHydro group is one of the largest net exporters of crude oil in the world. The company plays an important role in CO2 capture and storage.
The company's revenue for the year 2006 stood at NOK 431,112 million, whereas income before financial items, income taxes and minority interest stood at NOK 114,449 million and net income at NOK 39,065 million.
The figures for 2007 are not available.
One US dollar = 5.15 Norgegian Krone (NOK)
4. BG Group
BG Group has operations in some 27 countries over five continents. While the company's headquarters are in the United Kingdom, over 65 per cent of the talented professionals who make up the BG team are located outside the UK.
BG Group is a publicly listed company on the London Stock Exchange and is also listed on the US over-the-counter market known as 'International OTCQX'.
The company has posted very strong results for the first quarter of 2008 driven by increased E&P and LNG volumes and improved realisations.
Some of the growth figures of the company and its achievements as on December 31, 2007, are given below:
E&P total operating profit up 316 million pounds to 942 million pounds
LNG total operating profit up 274 million pounds to 395 million pounds
Group total operating profit up 579 million pounds to 1,402 million pounds
The company's acquisition of interests in Queensland Gas Company was completed
BG Group has operations in some 27 countries over five continents. While the company's headquarters are in the United Kingdom, over 65 per cent of the talented professionals who make up the BG team are located outside the UK.
BG Group is a publicly listed company on the London Stock Exchange and is also listed on the US over-the-counter market known as 'International OTCQX'.
The company has posted very strong results for the first quarter of 2008 driven by increased E&P and LNG volumes and improved realisations.
Some of the growth figures of the company and its achievements as on December 31, 2007, are given below:
E&P total operating profit up 316 million pounds to 942 million pounds
LNG total operating profit up 274 million pounds to 395 million pounds
Group total operating profit up 579 million pounds to 1,402 million pounds
The company's acquisition of interests in Queensland Gas Company was completed
5. Petro-Canada
Petro-Canada is one of Canada's largest oil and gas companies, operating in both upstream and the downstream sectors of the industry in Canada and internationally.
Headquartered in Calgary, Alberta, the company employs more than 5,600 employees around the world.
Petro-Canada announced on April 29 first quarter operating earnings of $899 million ($1.86/share), compared with $580 million ($1.17/share) in the first quarter of 2007.
First quarter 2008 cash flow from operating activities before changes in non-cash working capital was $1,852 million ($3.83/share), compared with $1,166 million ($2.35/share) in the same quarter of last year.
The company's net earnings were $1,076 million ($2.22/share) in the first quarter of 2008, compared with $590 million ($1.19/share) in the same period of 2007.
Petro-Canada is one of Canada's largest oil and gas companies, operating in both upstream and the downstream sectors of the industry in Canada and internationally.
Headquartered in Calgary, Alberta, the company employs more than 5,600 employees around the world.
Petro-Canada announced on April 29 first quarter operating earnings of $899 million ($1.86/share), compared with $580 million ($1.17/share) in the first quarter of 2007.
First quarter 2008 cash flow from operating activities before changes in non-cash working capital was $1,852 million ($3.83/share), compared with $1,166 million ($2.35/share) in the same quarter of last year.
The company's net earnings were $1,076 million ($2.22/share) in the first quarter of 2008, compared with $590 million ($1.19/share) in the same period of 2007.
Oil and Natural Gas Corporation
ONGC, the Transparency International report said, fared in the top tier when it came to disclosure of revenue at home, providing information about regulatory structure and procurement practices and disclosure of anti-corruption programmes.
However, when it came to operations outside home country, ONGC (Videsh) fell in the lowest tier for disclosing only by geographical segment and providing almost no additional information relevant to revenue transparency, the report said.
"Further improvement for this group required increased reporting on all areas of revenue transparency," it added.
Some of ONGC's achievements during the financial year 2007-08:
28 Exploration discoveries : Oil (11) and Gas (17)
OVL ventured into two new countries - Turkmenistan and Congo Brazzaville and secured equity participation in 11 oil and gas projects in 6 countries.
ONGC board approved aggregate investment proposals worth Rs 28,207 crore (Rs 282.07 billion) in 12 board meetings during the fiscal year.
Highest-ever CAPEX at Rs 16,215 crore or Rs 162.15 billion (up 22 per cent from 2006-07)
As on March 31, 2007, ONGC's revenue from crude oil sales stood at Rs 37209 crore (Rs 372.09 billion) and that from natural gas sales stood at Rs 7,211.3 crore (Rs 72.11 billion).
The company's net profit stood at Rs 15642.9 crore (Rs 156.43 billion) whereas retained earnings for the year were Rs 7,999.9 crore (Rs 80 billion).
ONGC, the Transparency International report said, fared in the top tier when it came to disclosure of revenue at home, providing information about regulatory structure and procurement practices and disclosure of anti-corruption programmes.
However, when it came to operations outside home country, ONGC (Videsh) fell in the lowest tier for disclosing only by geographical segment and providing almost no additional information relevant to revenue transparency, the report said.
"Further improvement for this group required increased reporting on all areas of revenue transparency," it added.
Some of ONGC's achievements during the financial year 2007-08:
28 Exploration discoveries : Oil (11) and Gas (17)
OVL ventured into two new countries - Turkmenistan and Congo Brazzaville and secured equity participation in 11 oil and gas projects in 6 countries.
ONGC board approved aggregate investment proposals worth Rs 28,207 crore (Rs 282.07 billion) in 12 board meetings during the fiscal year.
Highest-ever CAPEX at Rs 16,215 crore or Rs 162.15 billion (up 22 per cent from 2006-07)
As on March 31, 2007, ONGC's revenue from crude oil sales stood at Rs 37209 crore (Rs 372.09 billion) and that from natural gas sales stood at Rs 7,211.3 crore (Rs 72.11 billion).
The company's net profit stood at Rs 15642.9 crore (Rs 156.43 billion) whereas retained earnings for the year were Rs 7,999.9 crore (Rs 80 billion).
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