A little-known network of London-based oil and gas companies tied to international tax havens and operating in the shadow of major industry players are seeking opportunities in Africa’s frontier oil and gas markets, a DeSmog UK investigation can reveal.
These companies are willing to take risks operating in politically unstable areas to dig out potentially lucrative resources under the African soil, despite analysts saying the activities are in direct conflict with global climate targets.
A study published in the journal Nature estimated 21 percent of Africa’s oil reserves and 33 percent of gas reserves would need to remain in the ground if the world is going to limit warming to an agreed target of around 1.5 degrees.
DeSmog UK examined the activities of 12 private and public limited oil and gas companies headquartered in London that have operations in Africa, and found that all make use of tax-havens in British overseas territories and crown dependencies such as the British Virgin Islands, the Cayman Islands and Jersey.
