BPZ Gets Nod for $200MM Debt Facility
BPZ Resources, Inc. announced that Natixis, a major French bank, has obtained approval from its Credit Committee to arrange and underwrite the $200 million tranche of the $215 million reserve-based lending facility, under the terms and conditions outlined in the Mandate Letter dated August 19th, as previously disclosed by the Company.
As previously announced, the initial $15 million tranche was recently closed directly with the International Finance Corporation (IFC). The Company expects to close this $200 million tranche in the fourth quarter of this year. The overall revolving credit facility is backed by current oil reserves in the Corvina field located in the offshore Block Z-1 in northwest Peru. The two credit tranches will be governed by a Common Terms Agreement, insuring efficient cooperation between the lenders.
The closing of this tranche of the credit facility is dependent upon the successful negotiation of the related loan documents and funding is predicated on the satisfaction of certain conditions precedent as specified in the loan documents.
Manolo Zuniga, President and Chief Executive Officer, commented, "This is obviously another key milestone that moves us a step closer to securing the $200 million tranche of the $215 million reserve-based lending facility. Our finance and technical teams have worked closely with the Natixis and IFC representatives, as they carried out detailed due diligence on our ongoing projects for their respective credit committees. We will continue to work diligently towards closing this $200 million tranche as quickly as possible."
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call