Exploration & Production

BNP Paribas to stop financing shale companies

BNP Paribas will no longer finance companies whose principal activity involves oil or gas from shale or tar sands.
By Staff reporter 11 October 2017 0 27937

France’s largest bank, BNP Paribas, will no longer finance companies whose principal activity is to explore, produce, distribute, market and trade oil or gas coming from shale or tar sands, it said in a note on Wednesday.

The bank will also not finance oil and gas exploration in the Arctic region.

Instead, BNP Paribas said it will continue to support energy companies committed to taking part in the energy transition, in line with the group’s commitment to help keep global warming below 2C...