"Total and Chevron's Yadana gas project has generated 4.83 billion dollars for the Burmese regime," one of the reports said, adding the figures from 2000-2008 were the first-ever detailed account of the revenues.
"The military [government] are hiding billions of dollars of the peoples' revenue in Singapore while the country needlessly suffers under the lowest social spending in Asia," Smith, told AFP news agency.
But a DBS spokesperson said in the statement: "ERI's report is categorically untrue and without basis."
A spokesperson from OCBC also rejected the report.
French energy company Total also rejected the report, saying that the document was had numerous errors and contained false interpretations.