Prosecutor Starts Investigation Into Bribery Allegations Against PAE


News: Chubut Province prosecutor Miguel Montoya has begun an investigation into alleged bribes taken by UK-based oil major BP's Argentine venture Pan American Energy (PAE) for the expansion of its Cerro dragon oil field concession in 2007. After it became public that the US Securities and Exchange Commission had begun a similar probe in 2010, the prosecutor filed a request for the probe with the province attorney general. Montoya said, 'If a judge rules bribes were paid to get the extension, the extension will be considered null and void even though it was approved by the local legislature. In that case, the concession will expire in 2017.' PAE denies the allegations (Bloomberg).

This article is tagged to:
Sector: Country Risk, Oil & Gas
Geography: Argentina