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PGS ASA, formerly known as Petroleum Geo-Services ASA, is a Norway-based marine geophysical company that provides a range of seismic and reservoir services, including acquisition, imaging, interpretation and field evaluation.
MarketScreener.com: PGS ASA (15 April 2022)
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A recent Financial Times article (subscription) noted that “[t]he oil and gas industry was subject to the most prosecutions for bribery and graft in the UK of any sector over the past four years” and that “most of [these cases] involved payments made abroad, or kickbacks to foreign government officials.”.
Oil Change International
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Although these expenses are difficult to estimate, the number of bribes paid each year in both emerging and developed nations gives you an idea of the scope of the problem. Bribery alone costs between between $1.5 and $2 trillion every year, (roughly 2 percent of global GDP). Because bribes are only one type of corruption, the entire economic and social consequences of corruption in its entirety are likely to be substantially higher. Companies that are caught or suspected of engaging in corrupt activities not only end up spending a lot of money on restitution measures, but their integrity and goodwill are almost completely destroyed.
Nigeria: Anti-Corruption Overview In The Oil And Gas Industry.
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In general, most survey respondents said they had never been approached to act as an agent or middleman in a transaction that could reasonably be suspected to involve international corruption, such as foreign bribery. However, it is interesting to note that one in five respondents answered ‘yes’, ‘yes but refused’ and ‘maybe’ to this question.
Risks and threats of corruption and the legal profession, OECD Survey 2010
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Corruption matters because of its corrosive effect on all areas of human wellbeing. It alone has the potential to erode every other area of social progress and in a variety of ways.
Corruption is social progress’ greatest obstacle
