The Foreign Corrupt Practices Act is a wide-reaching statute that has become a major concern within the oil and gas industry in recent years. Part of the Securities and Exchange Act of 1934, the FCPA prohibits companies and individuals from bribing foreign officials in an attempt to obtain or retain business. Additionally, it requires companies that are registered with the Securities and Exchange Commission to keep detailed accounts of corporate payments and transactions, as well as to maintain accounting systems that ensure management’s control over company assets.

Although enforcement of ...