"SEC Provides 'WikiLeaks Moment' for Oil and Gas Producers"

"U.S. regulators have rejected claims by oil and gas companies that a requirement to disclose payments to foreign governments is so big of a burden that it outweighs a broader goal of choking off corruption in countries where they operate."

"The U.S. Securities and Exchange Commission in a 2-1 vote yesterday approved a rule requiring U.S.-listed multinational oil and gas producers such as Exxon Mobil Corp. and Chevron Corp. to report taxes, royalties, bonuses, fees and dividends paid to the U.S. and foreign governments for access to resources.

'The philosophy of fair and full disclosure is one of the cornerstones of the federal securities framework,' Commissioner Luis Aguilar said in a statement explaining his support for the rule."

Joel Kirkland reports for EnergyWire August 23, 2012.

Source: EnergyWire, 08/24/2012