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Loans for Offshore and Onshore Oil Field Development Projects in Abu Dhabi
Contributing to Stable Supply of Energy Resources for Japan under the Growth Investment Facility

  • Region: The Middle East
  • Energy and Natural Resources
  • Overseas Investment Loans
October 14, 2020
  1. The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on October 13 three loan agreements totaling up to USD650 million (JBIC portion) with Japan Oil Development Co., Ltd. (JODCO) and INPEX Financial Services Singapore Pte. Ltd. (IFSS), a Japanese and a Singaporean subsidiary of INPEX Corporation (INPEX), respectively, as summarized below. The loans are provided under JBIC’s Growth Investment Facility*1 and are co-financed with private financial institutions, bringing the total co-financing amount to USD1,000 million.

    Loan Agreement Counterparty Subject Oil Field JBIC Portion (max.) (Total Co-Financing Amount)
    JODCO Abu Dhabi Offshore Oil Fields (Satah Field/Umm Al-Dalkh Oil Field*2 , Upper Zakum Oil Field) USD300 million (USD500 million)
    IFSS Abu Dhabi Offshore Oil Field (Lower Zakum Oil Field*3 ) USD105 million (USD150 million)
    Abu Dhabi Onshore Oil Fields*4 USD245 million (USD350 million)

  2. These loans are intended to provide the necessary funds for JODCO and IFSS to develop oil fields in the Emirate of Abu Dhabi, the United Arab Emirates as follows: (1) the development of Satah, Umm Al-Dalkh, and Upper Zakum offshore oil fields by JODCO, (2) the development of the Lower Zakum offshore oil field by JODCO Lower Zakum Limited, an INPEX Cayman subsidiary, and (3) the development of the Abu Dhabi Onshore oil fields by JODCO Onshore Limited, another INPEX Cayman subsidiary.
      
  3. These loans will support the Japanese companies’ offshore and onshore oil fields development business in Abu Dhabi, where they own interests, and will contribute to maintaining and enhancing Japan's self-development ratio as well as securing a stable supply of energy resources over the medium to long term.
      
  4. As Japan’s policy-based financial institution, JBIC will continue to actively support the development of energy resources by Japanese companies and financially assist in the securing of a steady energy supply for Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
      
Note
  1. *1 
  2. *2 
    In March 2018, the Abu Dhabi Supreme Petroleum Council granted JODCO a 25-year extension of its 40% interests in the Satah and Umm Al-Dalkh oil fields. JBIC provided the loan for the extension of the interests. See Press Release on October 29, 2018.
  3. *3 
    In March 2018, the Abu Dhabi Supreme Petroleum Council granted INPEX a 10% interest in the Lower Zakum oil field for 40 years. JBIC provided the loan for the acquisition of the interest. See Press Release on October 29, 2018.
  4. *4 
    In April 2015, the Abu Dhabi Supreme Petroleum Council granted INPEX a 5% interest in the Abu Dhabi Onshore oil fields for 40 years. JBIC provided the loan for the acquisition of the interest. See Press Release on June 27, 2017.

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