E2-Wire

Exxon boosts lobbying against oil payments disclosure mandate

by Ben Geman - 12/17/10 5:56 PM ET

The mandate was included in the big Wall Street reform law enacted last summer.

Advocates of the disclosure say increased transparency of payments will help reverse the “resource curse” in which energy- and mineral-rich nations in Africa and elsewhere are plagued by high levels of corruption, conflict and poverty.

But oil companies like Exxon — while noting they support transparency — say the provision will be burdensome and put them at a competitive disadvantage compared to firms, such as Russia’s state-backed Gazprom, that would not have to file with the SEC.

The industry is urging the regulators to carve out several exemptions.

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