Brazil: BG Group Secures Funding for Eight Santos Basin FPSOs

Brazil - BG Group Secures Funding for Eigh Santos Basin FPSOs

BG Group today announced it has received initial approval from the Brazilian Development Bank (BNDES) for up to $1.8 billion of long-term finance to fund part of the company’s interests in the pre-salt Santos Basin, offshore Brazil.

Subject to further approvals and the completion of a final agreement, the funding facility will be allocated to BG Group’s share of local procurement and construction costs for the eight floating production, storage and offload (FPSO) facilities that will be owned by BG Group and its Santos Basin partners.

The 150 000 barrels of oil per day capacity vessels are part of the wider first phase, fast-track development programme in the Santos Basin that will deliver 2.3 million barrels of oil equivalent per day of capacity by 2017.

By the second quarter of 2012, BG Group expects to agree terms with BNDES on finance with a 14 year term.

BG Group Chief Financial Officer Fabio Barbosa said: “We are delighted to have received this initial approval from BNDES for long-term financing of up to $1.8 billion which will add to the diverse funding options already in place as we progress our global growth programme. In particular, the funds will help underpin BG Group’s investments for the successful development of our world-class pre-salt Santos Basin interests. Finally, it also represents the support of one of the key players in the Brazilian government to our partnership with Petrobras and the country.”

Source: BG Group, March 1, 2012

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 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 4 5

TOC Europe 2016

The events now have a renewed focus on supply chain making them the premier business and networking event for the stakeholders within…

read more >

7th Annual International Port Security Conference

The SMi Group announces the 7th annual International Port Security Conference. The event will be held in London on the 1st and 2nd of June 2016.

The conference aims to bring together key decision makers in the industry to discuss modern methods of port security and provide effective learning experiences for all delegates through the carefully selected expert speaker line up.

Interacting with delegates from across the globe and hearing from industry leading experts will ensure delegates are up-to-date with high priority information that enables you to best secure your seaports, civilians and means of trade.

Topics to be discussed include terrorism, cyber terrorism, emergency intervention procedures, optimising technology use in security checks and case studies featuring some of the largest ports across the world. Our diverse range of topics will allow delegates to learn best practices for port security and understand further how other ports are resolving core challenges.

More info

read more >

CLIA Cruise360 – A Panoramic View to Cruising

Developed and hosted by Cruise Lines International Association (CLIA), Cruise360 offers a truly panoramic view of the cruise industry…

read more >

Posidonia 2016

Posidonia is a firm fixture for the global shipping industry. Every two years it is the essential place for serious business at the largest…

read more >