Oil Search secures $600 mln loan

Oil Search secures $600 mln loan

Oil Search, the owner of a 29 percent stake in the ExxonMobil-operated PNG LNG project, arranged a new five-year, non-amortising, revolving credit facility of $600 million with 14 banks. 

The banking group includes all four major Australian domestic banks, one Papua New Guinean bank and nine international banks, Oil Search said.

This new facility is in addition to the two existing bilateral facilities totaling $250 million, taking the group’s total available facilities to $850 million, all of which remain undrawn.

Combined with the company’s cash balance, total liquidity is currently in excess of US$1.7 billion.

The new corporate facility replaces a $500 million non-amortising revolving credit facility that was due to expire in October 2017.

Commenting on the new facility, Oil Search’s managing director Peter Botten said, the new facility will provide Oil Search with funding flexibility for the next phase of LNG development and expansion in Papua New Guinea, while we also continue to progress focussed exploration and appraisal activities.

Share this article

Follow LNG World News

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >