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Brazil advances in compliance practices in the oil and gas sector

12/05/2018 | 16h33
Brazil advances in compliance practices in the oil and gas sector
Milton Costa Filho, IBP Milton Costa Filho, IBP

Compliance practices are increasingly present in oil and gas companies and the trend is to further expand areas of governance and compliance of the companies, according to the IBP's Secretary-General, Milton Costa (Brazilian Institute of Oil, Gas and Biofuels) Son (photo). 


"The oil and gas industry is at the forefront of compliance in the world. It is an example even in Brazil, where the theme has advanced a lot in recent years, "said Costa Filho, at the opening of the Oil, Gas & Compliance Forum that took place last 30/11 in Rio. 

The event marked the launch of the "Guide to Good Practices in Corporate Integrity for the O & G Sector", prepared by the Compliance Committee of IBP, with the participation of the main companies in the sector in the country, in partnership with the Ministry of Transparency and General Comptroller's Office Union (CGU). 

The Minister of Transparency and Comptroller General of the Union (CGU), Wagner Rosário, said that the government relies on "strengthening the instruments of control and integrity of companies in the fight against corruption." Rosário also stressed the importance of agreements of collaboration and leniency to identify criminal acts and punish them. 

Rafael Mendes Gomes, executive director of Governance and Compliance at Petrobras, told of the company's experience in expanding and creating compliance mechanisms and qualifying controls in the company's management after Operation Lava-Jet. This area now has 470 employees of the company, he said. 

"Enhanced compliance and all Petrobras' recovery work is not an easy path, but it is the right way," said Gomes. 

The executive also said that it is also Petrobras' obligation to control the integrity and compliance practices of the entire supply chain. 

Attending the event, Federal Judge Marcelo Bretas, responsible for Lava-Jato in Rio de Janeiro, pointed out that leniency and collaboration agreements allow the "isolation" of acts of corruption, punish those involved and keep companies in operation, preserving jobs and restricting the impact on the economy.



One of the topics under discussion was the use of technology to map possible acts of corruption in companies. "More and more companies are using data analysis and machine learning tools to identify potential irregularities in contracts such as non-standard pricing," said Elisa Mayor, a PWC consultant. 

Rafael Gomes, director of Petrobras, said that in addition to the increase in compliance, the company invests in technology and data analysis to identify possible deviations. 

Good Practice Guides 

The "Best Practice Guide on Corporate Integrity for the O & G Sector" is the result of the Petroleum, Gas and Biofuel Industry Integrity Pact, signed at Rio Oil & Gas 2018, and sets forth the minimum requirements that a company must have in a compliance program and best practices in this area. It brings themes such as the relationship with the public power; donations and sponsorship; channels of denunciations; conflicts of interest, among others. Access here the Guide to Good Practices. 

The event was sponsored by Petrobras, Mattos Filho Advogados, Tauil & Checker Advogados and PWC, and was supported by Aker Solutions, Equinor, Queiroz Galvão Exploration and Production, Siemens and TechnipFMC.


Font: T&B Petroleum/Press Office IBP
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