Gulf Oil and Gas accountACCOUNT

Charter Terms Agreed on for Area 1 Floater Offshore Mexico

Source: www.gulfoilandgas.com 4/15/2019, Location: South America

MODEC, Inc. ("MODEC), Mitsui & Co., Ltd. and Mitsui O.S.K. Lines, Ltd. (MOL) jointly announce that Mitsui and MOL have participated in a long-term charter business ("the Project") operated by MODEC for the purpose of providing a floating production, storage, and offloading system ("the FPSO") for use in the Area 1 block offshore Mexico and a loan agreement for the Project was entered into on April 12, 2019.

Mitsui and MOL invested in Area1 Mexico MV34 B.V. ("MV34"), a Dutch company established by MODEC, which will engage in FPSO leasing, operations and maintenance services. In December 2018, MV34 concluded the charter agreement with Eni Mexico S. de R.L. de C.V. ("Eni Mexico"), the operator of Area 1 block and a subsidiary of Eni S.p.A. The charter contract initially runs for 15 years, with options for extension every year thereafter up to 5 additional years.

The loan agreement on a project finance basis was signed by Sumitomo Mitsui Banking Corporation (lead arranger), MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Société Générale, BNP Paribas, Oversea-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd.and Crédit Industriel et Commercial. This is the first project finance for the FPSO project in Mexico.

Mexico has seen numerous significant discoveries of expansive offshore oil fields in recent years, thereby giving rise to expectations of fresh demand for additional FPSO in the region. Area 1 block is owned by a consortium of two companies including Eni Mexico as operator and Qatar Petroleum. Construction of the FPSO is planned to be completed in 2021, and the FPSO will be deployed for the development of the Area 1 block at water depths of about 32 meters.

Acquisitions and Divestitures News in Mexico >>

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

France >>  8/5/2019 - Total has signed an agreement to sell a 30% interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for €260 million (about ...
Guinea Bissau >>  8/5/2019 - SPE Guinea Bissau AB (“Svenska GB”), a wholly owned subsidiary of Svenska Petroleum Exploration AB, Sweden, is the Operator of Block 2, the Sinapa Lic...

Mexico >>  8/2/2019 - GulfSlope Energy has announced that the federal Bureau of Ocean and Energy Management ('BOEM') has agreed to grant GulfSlope a three year extension of...
Denmark >>  7/31/2019 - Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell Olie-og Gasudvindi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mexico Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.