Gulf Oil and Gas accountACCOUNT

EBRD $8m Loan for 1st Phase of Russian Oilfield

Source: www.gulfoilandgas.com 12/29/2008, Location: Asia

The EBRD has agreed to provide a five-year loan of $8 million to finance the initial development of an Arctic oilfield in the Komi Republic in the northeast part of European Russia by a small independent operator committed to environmental improvements and transparency.

The borrower is Russia’s Pechora Energy, a 100 percent subsidiary of UK-registered Concorde Oil and Gas plc. Pechora Energy holds the license for oil and gas production at the Luzskoye oilfield, situated in the Timan-Pechora basin, a mineral-rich triangle of 320,000 square km of the Komi Republic, where extreme Arctic conditions prevail.

Under the loan agreement the company has committed to minimise the use of gas flaring by building a heating plant which will use the associated gas the field produces.

In addition to adopting an environmental plan agreed with the EBRD, Pechora Energy has also undertaken to publish on its website, in both English and Russian, details of payments made to the Russian authorities under a Publish-What-You-Pay policy.

The Luzskoye field, which currently has proven reserves of 10 million barrels of oil, is too small to be considered by the oil majors which dominate the area and for whom developing this field would not be profitable. It is precisely this type of field that a small independent upstream operator such as Concorde Oil and Gas targets.

Kevin Bortz, Director of the EBRD’s Natural Resources team, said “the Bank is happy to support an independent oil company committed to what are key principles for the EBRD when financing the natural resources sector.” We regard boosting Russian oil production capacity as an important goal in the current economic context, he added.

Investment News in Russia >>

United Kingdom >>  4/12/2019 - Independent global completions service company Tendeka has more than doubled its work in the UK offshore sector over the past 12 months. The growth in...
Canada >>  4/10/2019 - Africa Oil Corp. had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. ("Eco") for US$1.05 per common share for a total consideratio...

Saudi Arabia >>  4/9/2019 - Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking v...
United Kingdom >>  4/7/2019 - The offshore market is set for a bumper year with 83 greenfield FIDs expected, totalling $115 billion in infrastructure, equipment & associated drilli...

Nigeria >>  4/6/2019 - Shell Petroleum Development Company of Nigeria Ltd (SPDC) plans to invest about $15 billion in oil and gas projects in Nigeria over the next five year...
United States >>  4/3/2019 - Total and Tellurian signed a series of agreements strengthening the partnership between the two companies to develop the Driftwood LNG project located...

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 


Russia Oil & Gas 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 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 |

Oil & Gas Projects in Russia >>

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.