• 5 hours Oil Prices Rise After API Reports Major Crude Draw
  • 6 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 6 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 7 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 8 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 9 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 10 hours Whitefish Energy Suspends Work In Puerto Rico
  • 11 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 23 hours Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production

Oman’s Biggest E&P Gets US$4 Billion Loan To Fund Expansion

Oman

Oman’s biggest oil and gas producer, Petroleum Development Oman, has announced that it has closed a deal to borrow US$4 billion from a number of international banks in order to fund its local expansion.

The loan, priced at 160 basis points (bp) above Libor, will mature in five years. Among the lenders that took part in it were Italy’s Intesa Saopaolo, JPMorgan, Standard Chartered Bank, HSBC, Bank of China, and Societe Generale. The initial size of the loan was set at US$3 billion but due to significant interest from banks, PDO decided to increase it.

This is the first foreign loan for PDO, and it is seen as a positive sign for other local entities in need of fresh funds by bankers: now that PDO has made a trail, international lenders may be willing to also fund companies such as Oman Oil, which said it needs US$1.35 billion for its production subsidiary, and Oman Shipping, which has proposed a US$250-million loan.

Related: $13 Billion Oilfield Services Merger Set To Move Forward

PDO will use the facility to finance new production projects and reduce its reliance on government funding, its managing director Raoul Restucci said.

Among the projects that will benefit from the loan is the Rabab Harweel oil and gas refinery that will have a capacity to process 240 million barrels of crude and 100 million barrels of condensate once it becomes operational in 2019. The facility also includes export infrastructure with a capacity for 1 trillion cubic feet of non-associated gas.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News