Banks are reducing loans to smaller North Sea oil and gas producers after the UK government raised and extended its windfall tax on fossil fuel companies in November, the energy industry has warned.
Banks are reassessing the amounts they are prepared to lend to UK North Sea producers under credit facilities that are linked to the value of their oil and gas reserves, according to trade bodies.
Brindex, which represents companies such as London-listed groups Harbour Energy and Ithaca Energy, estimates that small and medium-sized oil and gas producers in the UK currently rely on about ￡14bn of borrowing under so-called reserves-based lending facilities.
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