Barclays Backs New European Oil, Gas Development Company Tulip Oil

19th Jul 2010 16:46

LONDON (Dow Jones)--U.K. investment bank Barclays Capital, a subsidiary of Barlcays Bank PLC (BCS), Monday said it was backing two former senior executives at Royal Shell in a new oil and gas development company. Tulip Oil BV will focus on small, early-stage and expiring oil and gas prospects in Western Europe, Barclays said in a statement. Tulip will be led by executive chairman Roelof Platenkamp and chief executive Erik Steenken, both former senior executives at Shell. "We look forward to supporting Tulip with our sector specific financial expertise and a line of equity that will allow the management team to focus on growing the business," Meb Somani, head of oil and gas investments at Barclays Natural Resource Investments, said in the statement. -By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; [email protected] -0- (MORE TO FOLLOW) Dow Jones Newswires July 19, 2010 11:46 ET (15:46 GMT)