Total charged in bribery

[jft310]

https://www.justice.gov/opa/pr/french-oil-and-gas-company-total-sa-charged-united-states-and-france-connection-international

[katytrader]

https://www.justice.gov/opa/pr/french-oil-and-gas-company-total-sa-charged-united-states-and-france-connection-international

  I am shocked!!

[ArtM72]

https://www.justice.gov/opa/pr/french-oil-and-gas-company-total-sa-charged-united-states-and-france-connection-international

  I am shocked!!

Great.  So how do we turn this to OUR advantage?  Mail the US Attorney and SEC Attorney in this case to alert them to the potential for similar activities in PNG as evidenced by the takeover of IOC, which includes transferring 60% of IOC interests in nearly 4 million acres in a major petroleum province, including three discoveries ,without consideration?

Can you write that letter for us?

[katytrader]

https://www.justice.gov/opa/pr/french-oil-and-gas-company-total-sa-charged-united-states-and-france-connection-international

  I am shocked!!

Great.  So how do we turn this to OUR advantage?  Mail the US Attorney and SEC Attorney in this case to alert them to the potential for similar activities in PNG as evidenced by the takeover of IOC, which includes transferring 60% of IOC interests in nearly 4 million acres in a major petroleum province, including three discoveries ,without consideration?

Can you write that letter for us?

  Let's see. In 2013 they settled for offenses in period 1995 -2004 in Iran.   They paid a fine.  How will IOC shareholders benefit from a possible fine in the year 2025(?)    As Don Quixote might have said, "You go for it, Sancho!"

[Palm]

Good gawd; things are getting desperate. This is what the Yahoo bashers used to do when it looked like Exxon, etc. might become a partner. This is fly poop in pepper stuff for these SMs

[Tusker]

I am surprise by the quickness of some to disregard the content of this JOA PR. If you slow down, stop, look all directions, the intersections become apparent. That case involved sensitive world geopolitical issues and conflicts. Not applicable to IOC in PNG. That I believe we can agree on. Like the sun rising in the morning (i)

Items of interest or humor.

1) ... retain an independent corporate compliance monitor for a period of three years...implement an enhanced compliance program...designed to prevent and detect FCPA violations. ...also agreed...to comply with certain undertakings...retention of a compliance consultant. The independent tenure expired 29th May 2016. Less than a week ago. Did this independent review the aquisition plan? My guess is that the last compliance reporting would have been received by DOJ in the last thirty days of the independent. How is this relative. Think class action suit. A simple FOIA would make these reports available. Later we may know why this may be important.

2) In sum, between 1995 and 2004... approximately $60 million in bribe payments... Too funny, are we missing a exploration investment of $60 million for Antelope South in 2015? I sure it is somewhere reasonable. Dark humor, sorry was non-specific. :-)

3) ...Total sought to negotiate a contract with NIOC (National Iranian Oil Company)

4) Further,Total failed to...maintain accountability for assets.

So much for Total... let us take a look at Oil Search Limited

The corporation know as Oil Search Limited has been operation in the Nation of Papua New Guinea for nearly 90 years. Peter Botten the current CEO has had CEO title for some 22 years. In a recent interview with the Australian press he made the following observation:

"We decided many years ago that PNG was going to dominate our business. We have relationships, deep understanding and expertise on how to do business there. We were always going to focus on how to maximize our footprint in our backyard"

A recent mention by financial analysis Pavel of Raymond James liikened OSL presence in PNG a the De-facto (NOC) National Oil Company of Papua New Guinea.

So much for Oil Search Limited, lets look at Papua New Guinea

Transparency International Corruption Perception List

The list of 1-100 designates worst to best. The best is 91, the worst is 08. The years 2012-2015 are shown. Let us take a look (2015) at PNG, shall we?

#27 Iran
#26 Nigeria
#25 Papua New Guinea
#24 Central African Republic

Oh well, perhaps 2016 perceptions will improve.

Oddly, I find that OSL is being positively transperant with shareholders over all. Also to note though, Patrick at Total has mentioned "risk"
Could that risk be that the identification of the acquisition architecture is perceived as a Third Party Arm's Length Transaction?

(i) Note: The sun does not rise. The sun is rather stationary. It is the earth that revolves.

Cheers