The Japan Bank for International Co-operation (JBIC) has made a US$881mn loan to an oil and gas company.

The borrower is the UK subsidiary JX Nippon Exploration and Production and the facility will be used to develop the Mariner and Kinnoull oil fields off the coast of Scotland.

The loan is co-financed with commercial lenders, but JBIC was unable to disclose their names, nor the terms of the transaction when contacted by GTR.