Barclays Rejects Arctic Drilling

Laxman Pai
Tuesday, January 15, 2019

U.K.-based international bank Barclays  announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.

The policy  rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.

According to the British multinational investment bank and financial services company headquartered in London, arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice, and includes the Arctic National Wildlife Refuge (ANWR) and the Coastal Plains.

The ANWR is a particularly fragile and pristine ecosystem which is central to the livelihoods and culture of local indigenous peoples.

Barclays Energy and Climate Change Statement said: “Any client conducting new exploration of or extraction of Arctic oil and gas will be subject to Enhanced Due Diligence (EDD),” and the bank “will conduct EDD on any financing transaction directly connected with the exploration or extraction of oil or gas in the Arctic.” Critically, the policy notes that “under the EDD framework, we would not expect such project finance proposals to meet our criteria.”


The announcement from Barclays is the latest in a series of major financial institutions rejecting drilling in the Arctic. Some of the world’s largest banks have made similar commitments, including HSBC, BNP Paribas, Royal Bank of Scotland, Societe Generale, and others.

Recently leaders from the Gwich’in Steering Committee and the Sierra Club have met with representatives from Barclays to discuss the threats fossil fuel operations pose to the Arctic Refuge and why action by the financial industry is necessary, said Sierra Club.

“Major financial institutions are beginning to stand with the overwhelming majority of Americans and doing what the Trump administration refuses to do: protect the Arctic Refuge. Drilling in the Refuge would be disaster for wildlife, the climate, and the human rights of the Gwich’in Nation,” said Lena Moffitt, Senior Director of the Sierra Club’s Our Wild America campaign.

“Barclays’s announcement is further proof that drilling in the Arctic Refuge would be a bad bet for any company foolish enough to pursue it,” Lena added.

Categories: Finance Environmental Arctic Operations Arctic Offshore Offshore Energy Drilling

Related Stories

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Fugro Expands Geotechnical Testing Capabilities in Indonesia

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

CNOOC Puts Into Production New Oil Field in South China Sea

Eneos Scoops Jack-Up Drilling Contract Offshore Vietnam

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com