Oil Companies Are Funding Mysterious Angolan Research Center That May Not Exist

[marmar]

WASHINGTON –- Oil companies BP and Cobalt International Energy agreed in December 2011 to provide $350 million to construct a research institute in Angola, as a condition of gaining drilling rights for an offshore block of the African country's coast. So far, the companies have paid half that amount -- but there's no evidence the project actually exists.

The United Kingdom-based nonprofit Global Witness flagged the project in a report released Tuesday, as leaders of African nations are in Washington for a summit with U.S. officials. The payments, the group says, show the need for greater transparency in oil and gas industry transactions abroad, particularly in regions with a history of corruption.

Houston-based Cobalt, BP Exploration Angola and state-owned Sonangol announced the contract signing for the offshore area in December 2011, noting that it was "the most sought after block" in the round of bidding for offshore contracts. Cobalt listed the funding for the Sonangol Research and Technology Center, or SRTC, and other "social projects" in a December 2011 production-sharing contract filed with the U.S. Securities and Exchange Commission. ...............(more)

The complete piece is at: http://www.huffingtonpost.com/2014/08/05/oil-transparency-africa-bp_n_5649291.html?ncid=fcbklnkushpmg00000013