A Thursday report from Transparency International finds oil and gas companies aren't held to European and U.S. measures as closely as they should be.
The advocacy group said oil and gas companies aren't ready to meet European rules that go into force in July that require those in the industry to report payments made to the governments where they operate.
In the United States, the group said legal challenges filed by oil lobby groups against sections of the Dodd-Frank Act mean oil and gas companies are getting a free ride on transparency.
Sections of the Dodd-Frank Act require those in the extractive industry to disclose payments they've made to the governments that host their exploratory campaigns.
The American Petroleum Institute, which represents the business interests of the energy industry, asked the U.S. Securities and Exchange Commission to review the disclosure requirements last year.
"We need more transparency from multinational companies, whose power in the world economy closely rivals the biggest countries," Transparency International Chairman Jose Ugaz said in a statement. "With greater economic power comes greater responsibility."
The group surveyed 24 companies that would fall under both European and U.S. legislation and found 19 of them fell well short of the reporting expectations. Only four — Australian giant BHP Billiton, Norwegian major Statoil and Indian companies ONGC and Reliance – followed the rules to a degree deemed satisfactory by Transparency International.
Italian energy company Eni was among the companies ranked favorably by Transparency International.
"Eni supports the Extractive Industries Transparency Initiative, an international initiative involving governments, business and civil society to promote transparency and good governance of the revenues from the extractive industries," it said in a statement touting its track record.
