Kerr-McGee outlines leveraged leasing plan for Gulf of Mexico spars

Operators financing long-term deepwater projects must build trust relationships with bankers just as they build relationships with contractors, a Kerr-McGee Oil & Gas Co. official told an Offshore Technology Conference breakfast May 1.R. Don Vardeman, Kerr-McGee director of marine facilities engineering, and Banc One Capital executives outlined the logistics of a leveraged leasing plan for two projects in the Gulf of Mexico.Spars are planned for the Boomvang prospect on East Breaks Block 642 and the Nansen prospect on the East Breaks Block 602. The two prospects are 12 miles apart, and Kerr-McGee is operator of both.Development of each project will cost $350 million, excluding the lease e...

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