REPUBLIKA.CO.ID, JAKARTA - The authorities held surprise inspections of three European oil companies suspected of manipulating oil price. They are British Petroleum (BP), Royal Dutch Shell and Platts.

According to New York Times, all of the companies said they would cooperate with the investigation. Shell said it would assist the European Commission in the investigation of trading activity. Platts said the European Commission had conducted a review in his office in Canary Wharf in London. 

Regulators in Europe and the United States (US) have long been worried about system of oil and gas pricing which might affect consumer price, as well as costs for airline and trucking companies. For example in 2008 when oil prices hit record highs and then quickly plunged. At the time, lawmakers in the US and elsewhere questioned whether the prices were being distorted.

In 2010, members of G-20 asked the International Organization of Securities Commissions to anticipate potential manipulation and considered whether tighter regulation was needed. After a two-year investigation, the agency reported the fall price and they agreed to adopt a series of principles to deal with conflicts of interests and other issues.

BP and Shell are among two largest foreign investors in Indonesia, which operates a number of oil and gas’ fields. BP for example, owns 37.16 per cent of shares in Tangguh liquefied natural gas (LNG) projects in Papua, which produces 7.6 million tons of LNG. The project involves six gas fields that have been exploited with gas reserves of 14.4 trillion cubic feet. The production of Tangguh were exported to the US and China. 

Ikuti Whatsapp Channel Republika