Nigerian oil firm has poorest transparency -study

Reuters

2 March 2011

Nigerian oil firm has poorest transparency -study

* Government audit, reforms aim to solve problems
* NNPC bottom out of 44 oil firms on information disclosure

Nigeria's state oil company had the poorest transparency record of 44 national and international energy companies evaluated in a report published by international watchdogs this week.

Transparency International (TI) and Revenue Watch Institute (RWI) rated a list of oil and gas companies, which represent 60 percent of global output, on how they reported revenues and disclosed information on anti-corruption programmes.

The report, released on Tuesday and based on research carried out in 2010, showed that publicly listed companies score better than non-listed firms, while international oil companies fare better than national oil companies. [ID:nLDE71Q07L]

Nigerian National Petroleum Corporation (NNPC) was the only company to score zero on organisational information disclosure, which included the provision details of deals agreed with governments and partners on energy projects. The average score was 65 percent.

NNPC was among eight companies, including Angolan state firm Sonangol and Russia's gas export monopoly Gazprom (GAZP.MM), to score zero percent on reporting anti-corruption programmes.

Officials at NNPC could not be reached for comment.