Shell executives knowingly overstated the company’s oil and gas reserves as far back as 2001, Shell admits. Three top Shell execs quit.
Incident Tag: Market Fraud & Antitrust
ENI Uganda Bribes
WikiLeaks cables reveal allegations that ENI tried to bribe its way into Uganda’s oil fields by making payments through the security minister and ruling party secretary-general.
European Commission antitrust against ENI
European Commission files formal antitrust charges, believing ENI conspired to keep competitors from using its gas pipelines.
Total settles U.S. bribe probe for $398 million; CEO may be tried
$60 million in bribes to induce an Iranian government official to help the company obtain lucrative development rights in three oil and gas fields – $398 million settlement.
FERC seeks $29 million from BP over natural gas trading
US Regulators allege that BP manipulated the gas market through fraudulently trading physical natural gas in markets and trading points to increase the value of financial swing spread positions.
BP Agrees to Pay a Total of $303 Million in Sanctions to Settle Charges of Manipulation and Attempted Manipulation in the Propane Market
BP charged with cornering and manipulating the price of TET propane in 2003 and 2004 – $303 million in restitution and fines as part of an agreement to defer prosecution.