Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Capital still available to oil firms, but with green tinge

© Shutterstock / Oil and Gas PhotoAn oil platform flaring.
An oil platform flaring.

An oil and gas banking expert said today that capital is still available to the sector, but with green tinge.

Mark Munro, Aberdeen-based senior vice president at DNB, a Norwegian financial services group, said the upstream sector continued to attract plenty of investment.

But lenders’ expectations are changing, Mr Munro said during a webinar hosted by OGUK.

He said DNB clients should have investment strategies which are linked to the energy transition.

For oil companies, this could mean investing in renewables projects, or, in the case of pure-play exploration and production firms, taking serious action to cut emissions from their operations.

“That’s the type of action the capital providers are looking to see, but there is funding available for sure,” Mr Munro said.

He said firms were changing with the times, citing the examples of Premier Oil, which has committed to net-zero operations at its fields by 2030, while Zennor Petroleum is using carbon offset programmes to go “carbon neutral”.

Mr Munro said: “Companies have to change because there is an expectation from customers, capital providers and regulators.

“People want to purchase 100% green energy for their homes. We’re seeing investors such as Aviva demand that their investment companies go carbon neutral by 2040.

“We’re seeing sustainability linked loans in the North Sea and the reporting of climate risks becoming mandatory.

“Change is happening and there’s no going back.”

Recommended for you

More from Energy Voice

Latest Posts