IFC Could Loan US$550mn to PAE for Cerro Dragon
Anglo-Argentine oil company Pan American Energy (PAE) has requested US$550mn in financing from the International Finance Corporation (IFC) to develop its Cerro Dragon oilfield in Argentina's San Jorge basin, IFC said in a statement.
IFC proposes a US$150mn A-loan with an 11-year term and mobilizing US$400mn in B-loans with terms of 7-8 years.
PAE's total capex planned for the block through 2007 and the first half of 2008 is US$858mn, according to the statement.
The project involves an oil and gas drilling program, completion of water-flooding projects and the construction of facilities to support increased production, the statement said.
The projected date for the IFC board to discuss the loan to PAE is July 5.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Pan American Energy to Invest $1.4B in Argentina this Year (Jul 14)
- Official: Argentina To Boost Crude Oil Output To 653,000 Bpd By 2025 (May 27)
- Pan American Energy to Invest $3.4B in Argentina from 2013-2017 (Dec 28)