This briefing paper discusses the potential risks associated with the exploration and production of offshore petroleum resources (oil and gas), and how financial institutions should engage with and respond to this sector. The briefing paper aims to provide an initial framework for this broad variety of institutions to consider how sustainability impacts and risks specific to harmful and non-renewable marine extractives manifest within their own portfolios. The briefing paper also aims to provide an initial framework for institutions to consider the damaging environmental impact they could have, as well as the potential business risks arising from financing harmful and non-renewable marine extractives.