{"id":1668,"date":"2014-08-25T14:42:59","date_gmt":"2014-08-25T11:42:59","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=1668"},"modified":"2015-09-04T09:58:52","modified_gmt":"2015-09-04T09:58:52","slug":"uk-listed-firms-must-report-all-payments-to-governments-starting-2015","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/uk-listed-firms-must-report-all-payments-to-governments-starting-2015\/","title":{"rendered":"UK listed firms must report all payments to governments starting 2015"},"content":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n

British energy and mining firms will from January 1 2015 have to disclose all payments they make to governments in countries they operate in as the UK government increasse its noose on corruption especially in the natural resources sector.<\/p>\n

The companies under the new rule will have 11 months to report to the companies\u2019 house with the business ministry terming this move as likely to increase benefits to populations in places they operate in mostly in developing countries. The UK is determined to lead by example, which is why we have introduced reporting requirements on UK-based extractives companies early. Oil, gas and mining can, if well managed, deliver precious economic benefits to the populations of developing countries. Too often, though, the assets from resource-rich countries are not benefiting local people or the local economy,\u201d Reuters<\/a>\u00a0quotes\u00a0Business Minister Jo Swinson said in a statement.<\/p>\n

The new rule that was announced on Friday follows consultations with industry stakeholders and members of the public.<\/p>\n

Although the move has received backing from many who say this will increase transparency there is however concerns from companies that this could lead to increased expenses.<\/p>\n

Reuters while citing oil and mining majors including\u00a0BHP Billiton,\u00a0Chevron\u00a0and\u00a0ExxonMobil\u00a0noted concerns that many companies may decrease the attractiveness to list in Britain with costs associated with filing estimated by BP at about $6.5 million to deliver the first filing and $2.5 million a year thereafter.<\/p>\n

The\u00a0Association of British Independent Oil Exploration Companies (BRINDEX)<\/em>\u00a0has said the new rules will affect smaller companies more than the giants terming it as an unnecessary administrative burden.<\/p>\n

[twitter-follow screen_name=’oilnewskenya’]<\/p>\n","protected":false},"excerpt":{"rendered":"

[twitter-follow screen_name=’oilnewskenya’] British energy and mining firms will from January 1 2015 have to disclose all payments they make to governments in countries they operate in as the UK government … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7,11],"tags":[192,248,356,357,443,742,860,1574,1705,2632],"class_list":["post-1668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-politics","category-top-news","tag-association-of-british-independent-oil-exploration-companies","tag-bhp-billiton","tag-brindex","tag-britain","tag-chevron","tag-energy","tag-exxonmobil","tag-mining","tag-natural-resources-sector","tag-united-kingdom","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/transparency.jpg?fit=500%2C282&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-qU","jetpack-related-posts":[{"id":2738,"url":"https:\/\/www.oilnewskenya.com\/index.php\/one-one-interview-malcolm-steyn-general-manager-oil-gas-freight-forwarders-kenya-group\/","url_meta":{"origin":1668,"position":0},"title":"One on One interview with Malcolm Steyn General Manager for Oil & Gas at Freight Forwarders Kenya Group","author":"","date":"March 24, 2015","format":false,"excerpt":"How has the logistics industry changed the discovery of oil in Kenya and Uganda as well as Natural Gas in Tanzania? The regional logistics landscape has undergone significant changes due to the exceptional requirements of the exploration companies.\u00a0 Local organizations have had to invest resources in order to comply with\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/FFK-Ad-Jan-Pic.jpg?fit=1200%2C722&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/FFK-Ad-Jan-Pic.jpg?fit=1200%2C722&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/FFK-Ad-Jan-Pic.jpg?fit=1200%2C722&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/FFK-Ad-Jan-Pic.jpg?fit=1200%2C722&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/FFK-Ad-Jan-Pic.jpg?fit=1200%2C722&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8576,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-power-2021-drc-investment-summit-launches\/","url_meta":{"origin":1668,"position":1},"title":"Africa Oil & Power 2021 DRC Investment Summit Launches","author":"","date":"July 14, 2020","format":false,"excerpt":"Kinshasa will welcome a broad base of international and African investors to the first ever\u00a0DRC Energy & Infrastructure Investment Summit, organized by Africa Oil & Power (AOP), \u00a0in 2021; the African Energy Chamber is a strategic launch partner and AOP will draw on its network in China, Europe and across\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/f045907c5d8ab12d3df36011677ff3ff.jpg?fit=800%2C534&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/f045907c5d8ab12d3df36011677ff3ff.jpg?fit=800%2C534&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/f045907c5d8ab12d3df36011677ff3ff.jpg?fit=800%2C534&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/f045907c5d8ab12d3df36011677ff3ff.jpg?fit=800%2C534&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":698,"url":"https:\/\/www.oilnewskenya.com\/index.php\/east-african-lawyers-attend-training-in-negotiation-and-transaction-agreements-in-oil-gas-sector\/","url_meta":{"origin":1668,"position":2},"title":"East African lawyers attend training in negotiation and transaction agreements in Oil & Gas sector","author":"Samuel Kamau Mbote","date":"March 12, 2014","format":false,"excerpt":"Experts have warned that the lack of skills when negotiating transactions and drafting agreements with international oil companies in relation to the extractive industry could cost east African countries leaving them disadvantaged. Speaking during a training organized by the African development bank and conducted by DLA Piper Rwandan Justice Minister\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1527,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-civil-society-calls-for-transparency-efficiency-in-oil-and-gas\/","url_meta":{"origin":1668,"position":3},"title":"Kenya’s Civil Society Calls for Transparency, Efficiency in Oil and Gas","author":"Samuel Kamau Mbote","date":"July 31, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Members of the civil society have\u00a0called on the government to work together with parliament, oil companies and civil society to develop appropriate policies, legal and institutional frameworks for the efficient and transparent management of the country\u2019s oil and gas resources. In a report launched today by the Kenya\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/insurance.jpg?fit=225%2C224&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4524,"url":"https:\/\/www.oilnewskenya.com\/index.php\/highlights-from-the-csr-forum-on-women-in-the-extractives\/","url_meta":{"origin":1668,"position":4},"title":"Highlights From The CSR Forum On Women In The Extractives","author":"","date":"March 23, 2016","format":false,"excerpt":"High Commissioner Canada to Kenya David Angell Canada leading country in extractives with its companies accounting approximately 31 percent of global exploration expenditure and 50 percent of capital raised globally in mining industry through the Toronto securities exchange. Corporate social responsibility (CSR) mandatory for Canadian companies in extractives sector as\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/CanadaCSR.png?fit=669%2C412&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/CanadaCSR.png?fit=669%2C412&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/CanadaCSR.png?fit=669%2C412&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4841,"url":"https:\/\/www.oilnewskenya.com\/index.php\/new-u-s-securities-and-exchange-commission-sec-rules-to-improve-transparency-accountability-kcspog\/","url_meta":{"origin":1668,"position":5},"title":"New U.S. Securities and Exchange Commission (SEC) Rules To Improve Transparency, Accountability – KCSPOG","author":"","date":"July 18, 2016","format":false,"excerpt":"The Kenya Civil Society Platform on Oil and Gas (KCSPOG) has welcomed the adoption of the new rules for resource extraction companies by the U.S. Securities and Exchange Commission (SEC) saying they shall in turn improve transparency and accountability of the Government of Kenya to its citizens. 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