BC Petroleum, a joint venture between Australia’s Roc Oil and Malaysian companies Dialog Group and Petronas, has secured $162m in financing for the pre-development of the Balai Cluster risk service contract (RSC) offshore of Malaysia.
Sumitomo Mitsui Banking Corp, Standard Chartered Bank and CIMB Bank Berhad are the mandatory lead arrangers of the loan, which matures on 16 December 2014.
Rolf Stork, BCP chief executive officer and Roc chief operating officer, said: "Project financing of the Balai Cluster RSC demonstrates the confidence of international financial institutions in the structure and bankability of the RSC negotiated between joint venture partners and Petronas."
Roc, which has a 48% interest in the venture, has contributed $30m to the project to date, while the total cost of the pre-development phase is estimated to be between $200m and $250m.
Work undertaken since the beginning of 2012 includes the fabrication of four wellhead platforms, the commencement of load-out and installation of wellhead platforms.
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The venture has also finalised a drilling rig contract, procured drilling supplies and services, completed the purchase of an oil tanker and commenced its conversion to an early production vessel. The pre-development phase is expected to be completed by February 2013.
Image: The Balai Cluster lies offshore of Malaysia, in the South China Sea. Photo courtesy of: Roc Oil.