Monday 21 August 2023

‘UK seeks financial backing from banks for North Sea oil projects’

The government has reportedly reached out to major financial institutions, including Barclays, Lloyds, NatWest and investment firms like Fidelity and Abrdn, seeking support to revive investments in North Sea oil and gas projects.

This comes amid challenges faced by the region due to the impact of the government's windfall tax.

According to reports, Treasury officials are set to meet on Friday with representatives from these banks, aiming to convince them to reengage in the North Sea sector.

Not only domestic banks but foreign financial players have also been approached.

Wells Fargo from the US, ING from the Netherlands and BNP Paribas and Societe Generale from France have all been on the government's outreach list.

According to The Mail On Sunday, a limited number of individuals from the guest list are anticipated to be present as some of these financial institutions have either fully withdrawn from the region or significantly reduced their investment involvement.

Officials underscore the routine nature of engaging with stakeholders to discuss government policies, clarifying that this move is part of their standard practice.

Energy Live News has contacted the Treasury for comment.