Financing For the Top 20 Upstream Oil and Gas Expanders

The Global Oil & Gas Exit List shows that upstream oil and gas expansion is remarkably concentrated: the top 20 companies are responsible for more than half of resources under development and spending on exploration for new reserves. Bank support for those companies is also remarkably concentrated: the top 10 bankers of those top 20 companies are responsible for 63% of the companies’ big-bank financing since Paris. Banks need to cut off the flow of financing to any company expanding fossil fuels, and these top expanders are a key litmus test. 

Only 16 of the 20 companies appear on the graph because the remaining four did not receive financing led by these 10 banks over the time period in question.

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