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Project Finance: Guide to Financing International Oil and Gas Projects
Euromoney Trading Ltd, June 2006, Pages: 103
This guide outlines the key issues in the development and project financing of oil and gas fields, gathering systems and pipelines, including concession agreement terms, force majeure risk allocation, licensing and permitting issues, and offtake and operating risks. Interest areas: political risk, emerging markets, currency risk, risk management, documentation, privatisation, oil, gas.
This guide examines the key issues in the development and project financing of oil and gas fields, gathering systems and pipelines. This volume analyses project feasibility, the evaluation and mitigation risks, project and financing contracts, and financing sources and how they can be harnessed for oil and gas projects.
Case studies detail the experience and lessons to be drawn from the capital markets financing of a pipeline and the financing of a gas field concession in emerging markets
CHAPTER I
Project financing of oil and gas projects
Traditional sources of financing
Project financing
What is project financing
Project parties and their objectives
Advantages of project financing
Typical structures
CHAPTER II
Sources of financing
Equity
Mezzanine financing
Senior debt
Commercial banks
Multilateral lending agencies and export credit agencies
Capital markets
CHAPTER III
Evaluation and mitigation of risks
Project considerations
Financial feasibility
Feasibility study and reserve analysis
credit risk
Access, exclusivity and support
Engineering and construction risks
Operations risks
Operating performance
Transportation risk
Feedstock supply and raw materials
Commercial risk
Price fluctuation and volatility of earnings
Currency risk
Legal risk
Commercial certainty
Enforcement
Choice of law and jurisdiction
Arbitration
Political risk
Types of political risks
Political risk assessment
Protection against political risks
Regulatory risks
Trends in state involvement in petroleum projects
Taxation
Environmental regulation
Security and support
Security and the legal system
The nature of security
Limits on the usefulness of security in project finance
The value of security in project finance
CHAPTER IV
Documentation
Oil and gas project contracts
Concession agreements, licenses, leases
Construction/development agreements
Operating agreements
Offtake agreements
Other project contracts
Financing documents
Feasibility study
Commitment letter and term sheet
Letters of comfort
Credit agreement
Collateral security agreements
Consents and agreement
Completion agreements
Equity or subordinated loan contribution agreement
Legal opinions
CHAPTER V
Case studies
TransGas Pipeline Project and capital markets financing
The project
Project risks
The financing
Aguaytia Gas Field Development
The project
Government license and concession agreements
Construction interfaces
Project revenue risk
The financing
Conclusion
Bibliography
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