Plans by North Sea operators to review investments in the UK after the hike in the Energy Profits Levy, meetings of the industry and government on energy security and investment, strikes on offshore platforms, and several contracts for field upgrades featured in the UK North Sea oil and gas industry over the past month.
The oil and gas sector can mitigate barriers to investment by acting on recommendations in a new report on environmental, social and governance (ESG) disclosure. The inaugural ESG Disclosure report by the North Sea Transition Authority (NSTA) says ongoing access to finance depends on companies’ ability to demonstrate strong ESG credentials.
The NSTA has sent an open letter to all licensees urging them to focus on high-quality ESG disclosure and reporting to demonstrate the UKCS is an attractive investment proposition for investors and lenders.