By the OGJ Online Staff
LONDON, June 25 -- Phillips Petroleum Co. and partners have secured $1.1 billion in debt financing for the Hamaca extra-heavy oil project in Venezuela's Orinoco Oil Belt, it said Friday.
The US Export-Import Bank will provide a guarantee supporting $628 million of bank funding while a $470 million facility will be put up by a group of financial institutions including the Royal Bank of Scotland PLC, BNP PARIBAS, Bank of Tokyo-Mitsubishi Ltd., Barclays Bank PLC, Bayerische Landesbank AG, Export Development Corp., ING Bank, and Westdeutsche Landesbank Girozentrale AG.
Once fully operational, the Hamaca project is expected to produce 190,000 b/d of extra heavy 8.6°-gravity crude, which will be upgraded to 180,000 b/d of 26°-gravity crude.
The company said the project has been given an investment grade rating by both Moody's Investors Service and Fitch Inc.
The Hamaca project coventurers are Phillips 40%, Texaco Inc. 30%, and Petroleos de Venezuela SA 30%.