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Statoil (NYSE:STO) CEO says, Companies should support fracking transparency legislation

The energy industry should support new legislation aimed at increasing transparency in the way publicly traded companies report their finances and operations in order to build public confidence, Statoil ASA (NYSE:STO, OS:STL) Chief Executive Helge Lund said Tuesday.

“I believe there is a huge upside working to ensure we have the right regulations, rather than being perceived as the industry that fights regulations,” Mr. Lund told the IHS CERA energy conference.

The Oil and Gas companies in the US have to “admit” that probably they ” did not move quickly enough” to accept disclosure of the chemicals they use in hydraulic fracturing, or fracking, Mr. Lund said. “I take the view that the industry should continue to be proactive and transparent. That is the only way we can earn the trust we need to develop these valuable resources,” Mr. Lund said.

Several companies have opposed any rule that would force drillers to reveal the chemicals used in fracking, which involves sending pressurized water deep underground to release Crude Oil and Nat Gas trapped within rock formations. Hydraulic fracturing has allowed companies to tap vast new reserves of Crude Oil and Nat Gas, but critics say the process harms the environment.

The energy industry should also endorse new legislation aimed at increasing transparency in the financial system in the US and Europe, Mr. Lund said.

Suggestions to introduce at a minimum country-by-country revenue for publicly listed companies “can help to avoid corruption and ensure the value of the activities benefits society at large,” Mr. Lund said. “Do I think a broad industry approach along these lines would have benefited us all? Yes, that goes without saying.”

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
www.livetradingnews.com

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