High-ranking officials of two major IOCs will go on trial in Milan for bribing Nigerian officials to secure lucrative contracts, marking the third major corruption scandal that has touched large oil companies in recent years.
While Brazil’s political future hangs in the balance, Petrobras—the state oil company at the center of Brazil’s largest corruption scandal—faces great uncertainty, and momentous change will be needed to right its course.
The Panama Papers are another reminder of the extreme wealth, corruption, and opaqueness that is common to leadership in so many oil producing countries.
Alongside a corruption scandal, the oil price downturn is challenging the viability of developing Brazil's pre-salt reserves, and prompting debates about the government's role in the energy sector.
For the western world, the severing of energy imports from dictatorships and corrupt regimes is not only crucial for geopolitical balance, but an essential tool for human rights and democratic reforms worldwide.