Libya is just one example of how rich countries have kept their mouths shut and their eyes closed to a cruel dictatorship. Many countries that are rich with oil are also home to some of the world’s poorest communities. If Western oil companies were more transparent about payments made to governments to exploit oil and gas resources, there would be less room for corruption and more money available for development.

If you agree on this, then check out Promoting Revenue Transparency: 2011 Report on Oil and Gas Companies, published by Transparency International in partnership with Revenue Watch. The report is an excellent example about how information can be used as a tool to promote change.

The report rates 44 companies according to their levels of transparency. Representing 60 per cent of global oil and gas production, companies are evaluated in three areas: reporting on anti-corruption programmes, organisational disclosure and country-level disclosure of financial and technical data.

In these days, where everyone seems to be bashing the US, it is interesting to see that in this area, the EU is lagging behind. The report calls on the European Union to follow the US example, with financial reporting rules obliging all extractive companies listed in the EU to report payments country-by-country. Until now, no EU government has turned this into a binding national law!

Is it time for the Swedish government to take a lead in this process? Bearing in mind the Swedish Foreign Minister’s involvement into the industry and his great knowledge about the oil business, this would be more than welcome!