Report Says Oil Royalties Go Unpaid
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A government inquiry found pervasive problems in the monitoring of royalties for oil drilling.
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WASHINGTON -- The Supreme Court ruled against the oil and gas industry Monday in a dispute over how many years into the past the government can reach to collect money for leases on federal land.
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Most oil-rich countries are burdened by corruption and oil companies contribute to the problem by not publishing information on payments made to governments and state-owned oil companies, according to a study by Berlin-based Transparency International (TI
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The government says it is near agreement with BP PLC and Shell Oil Co. to recoup some of nearly $10 billion in lost royalty revenue from improperly prepared oil and gas leases.
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The British oil exploration firm Cairn Energy may owe the Indian government more than $6.9m (Â£3.8m) in a dispute over an Indian oilfield, the company said yesterday.
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The contract driller has hit a dry patch in the oil patch.
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WASHINGTON Oct. 3, 2004 - Finance officials failed to resolve their differences over debt relief for the world&#39;s poorest countries and Iraq while expressing concern about the impact high oil prices would have on a strengthening global economy.
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British energy company BP reported weak crude production in the third quarter following the partial shutdown of Prudhoe Bay -- the largest oil field in the United States.
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Western oil companies are running out of likely places to look, and significant finds are becoming rarer.
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Most oil-producing nations are also rife with corruption, and oil companies should provide more information about their operations to help clean up the market, a global watchdog group said Wednesday in an annual report.
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World oil prices ended lower on Monday  despite notching a record high earlier in the day as the  Norwegian government moved to end an oil workers' labor dispute  that threatened shipments from the world's third largest  exporter.
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Chad says a US-Malaysian consortium is  failing to pay market rates in royalties for oil it extracts.
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Crude oil prices fell Tuesday as traders expected that an upcoming government report would show rising inventories of heating oil.
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Oil prices fall sharply after a US government report shows a steep build up in oil and petrol supplies.
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LONDON -- Most oil-producing nations are also rife with corruption, and oil companies should provide more information about their operations to help clean up the market, a global watchdog group said yesterday in an annual report.
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: Crude oil futures fell today as workers in Norway conceded to Government demands to end a strike that could have threatened exports from the world&#39;s third-largest supplier.
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Oil prices tumbled on Monday after OPEC  producers agreed to keep crude output unchanged for now and  Iraq's elections passed without disruption to oil exports.