JBIC signed a project finance loan agreement with T.E.N Ghana MV25 B.V. (TGMV25), a Dutch company in which MODEC, Inc. (MODEC) and others have equity stakes, to finance a long-term FPSO*1 chartering service project for the Jersey company Tullow Ghana Limited, which will oversee development of the T.E.N. (Tweneboa, Enyenra, Ntomme) Oil Field off the coast of Ghana as the oilfield operator. In this project, MODEC will build one deepwater FPSO, while TGMV25 will provide a chartering service. This loan will contribute to maintaining and strengthening the international competitiveness of Japanese companies in offshore resources development.
- *1An FPSO (floating production, storage, and offloading) system is a floating vessel for the first stage processing of crude oil produced at the oil well, which separates associated gas and water, and for the storage and offloading of oil.