JBIC Provides Loan for Campos Oil Field Development Project

abarrelfullabarrelfull wrote on 21 Dec 2011 06:52

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March 26, 2007
1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed today a loan agreement totaling up to US$170 million with INPEX Offshore North Campos, Ltd. (the Company), in which INPEX Corporation, Sojitz Corporation and JOGMEC have equity stakes. The loan is cofinanced with the private financial institutions (Mizuho Corporate Bank (agent bank), the Bank of Tokyo-Mitsubishi UFJ, and Sumitomo Mitsui Banking Corporation.)

The proceeds of the loan will meet the financial need of the Company, which undertakes the development of the Frade Block located off the shore of Campos, the Federative Republic of Brazil in cooperation with Chevron Corporation of the U.S. and Petrobras, a state-owned oil company of Brazil.

The Frade Block is a deep-sea oil field located 1,050~1,300 meters under the sea. Since acquiring an interest in this oil field in July, 1999, the Company has been taking part in its development, eyeing the start of production operation in 2009, with the peak-time production capacity reaching 100,000 barrel/day. The Company is planning to import to Japan a volume of crude oil proportionate to its share of the interest (18.2609%) through swap.

This is the first oil development project in which a Japanese firm has a concession right in Brazil and crude oil production is realized. The project will thus contribute, as an independent development project, to the securing and stable supply of energy resources to Japan. What's more, Program of Acceleration of the Growth that the government of Brazil announced in January 2007 designated this project as one of the investment priority projects in the energy sector. JBIC's support for this project will thus help strengthen energy ties between Japan and Brazil by assisting the country's energy policy.

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