Loan for Acquisition of Interests and Development of Oil Fields in British North Sea

abarrelfullabarrelfull wrote on 25 Apr 2013 15:42
Tags: europe jbic nippon uk upstream

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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement totaling up to 881 million U.S. dollars with JX Nippon Exploration and Production (U.K.) Limited (JXNEPUK), which is a British corporation wholly owned by JX Nippon Oil & Gas Exploration Corporation (JX). The loan is cofinanced with private financial institutions.

The loan is intended to finance JXNEPUK for the acquisition of interests and development of the Mariner and Kinnoull Oil Fields owned by Eni S.p.A. Group in Italy. The Mariner Oil Field, located about 150 km off the east of the Shetland Islands, is one of the largest undeveloped oil fields discovered in the British North Sea to date. JXNEPUK will develop this oil field with Statoil ASA in Norway and other project participants. The Kinnoull Oil Field, located about 260 km northeast of Aberdeen in Great Britain, will be jointly developed with BP p.l.c. in Great Britain.

Although the production of oil and natural gas has been declining in the North Sea, the recent progress in technologies for developing oil and gas has heightened renewed attention in this region. Supporting the acquisition of interests and development of oil fields by JX with this loan will lead to an increase in the ratio of independent oil development by Japanese companies. Thereby it is expected to contribute to Japan’s energy security.

JBIC will continue to support the development and acquisition of interests in natural resources that are strategically important for Japan by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.

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