Oil & Gas

The oil and gas industry is currently grappling with major financial challenges on several fronts, including drastic decreases in demand. Due to these and other difficulties, the industry is at high risk of fraud.

Combatting Fraud in the Oil and Gas Industry

As the demand for and availability of low-carbon energy sources rises, and with the economic slowdown caused by the novel coronavirus, the fossil fuel industry is facing serious financial challenges. These challenges are creating the conditions for large-scale fraud, including the concealing of environmental and safety problems.

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Financial Challenges Facing Oil and Gas Companies

With oil and gas companies recently facing unprecedented financial challenges, corruption is a concern in this industry more than ever. Although much attention has been paid to the impact of the Covid-19 pandemic on the oil and gas industry, the financial challenges facing the oil and gas industry are deeper and more structural.

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High Risk of Fraud in the Oil and Gas Industry

With executive compensation tied to either stock prices or the discovery and development new reserves, oil and gas industry executives already have substantial incentive to engage in securities fraud, and as the industry faces greater financial challenges, the pressure to engage in fraud to meet financial targets or help a company survive a downturn will likely increase.

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Potential Frauds in Disclosing Carbon Reduction Commitments

There has been rapidly growing demand among policymakers, investors, and everyday citizens for alternative energy sources that avoid carbon pollution. There are two types of fraud that will need to be guarded against as oil and gas companies grapple with solutions to this challenge: exaggerated commitments of future carbon reductions and fraudulent financial statements.

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Hiding Environmental and Safety Liabilities in Drilling & Transport

Oil and gas drilling and transport poses a significant threat to the environment, one that is often understated by the industry.

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Hiding Environmental and Safety Liabilities in Offshore Drilling

Offshore drilling poses a significant threat to the environment, one that is often understated by the industry.

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