Developing Nigerian oil

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01 February 2006

Satellite Oil Fields – syndicated loan
Arranger: Royal Bank of Scotland, Société Générale, Standard Chartered Bank and WestLB
Borrower: Hydrocarbon Funding Limited
Amount: $270 million
Tenor: 7 years
Lawyers: Millbank, Tweed, Hadley & McCloy
Financial adviser: Credit Suisse First Boston

Scraping in at the close of 2005, mandated lead arrangers Royal Bank of Scotland, Société Générale, Standard Chartered Bank and WestLB, signed financing for the rehabilitation and development of two partly developed, and three undeveloped, offshore Nigerian oil fields. The financing is in favour of Hydrocarbon Funding Limited (HFL) of the Bahamas – a special purpose vehicle set up to finance the staggered development of the Satellite Oil Fields Project, a joint venture between the...

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