Oil and Gas News | Oil and Gas Jobs | Oil and Gas Engineering
The Oil & Gas Hub
  • Main
  • News
  • Photo
  • Video
  • Oilfield Jobs
  • Learning Section
  • Oil & Gas Calculator

Oil Search establishes US$600 million revolving credit facility

2017.06.25
892

Oil Search is pleased to announce that it has signed documentation with a 14 member bank group for a new five year, non-amortising, revolving credit facility of US$600 million. The banking group includes all four major Australian domestic banks, one Papua New Guinean bank and nine international banks.

This new facility is in addition to the two existing bilateral facilities totalling US$250 million, taking the Group’s total available facilities to US$850 million, all of which remain undrawn. Combined with the Company’s cash balance, total liquidity is currently in excess of US$1.7 billion.

The new corporate facility replaces a US$500 million non-amortising revolving credit facility that was due to expire in October 2017.

Commenting on the new facility, Oil Search’s Managing Director Peter Botten said:

“We wish to thank the banks for their ongoing support of Oil Search and their endorsement of Papua New Guinea as an attractive country for investment.

Given the strong demand from existing and new lenders and attractive terms offered, we have increased the size of the facility from our original target of US$500 million, to US$600 million.

The new facility will provide us with funding flexibility for the next phase of LNG development and expansion in Papua New Guinea, while we also continue to progress focussed exploration and appraisal activities.” 
 

 

Related Posts

Weekly Energy Digest - August 20th,2025
2025.08.21
880
Weekly Energy Digest - August 20th,2025
Prices were volatile but rangebound this week, as the US and China extended a pause on higher tariff…
Weekly Energy Digest - August 12th,2025
2025.08.12
1 273
Weekly Energy Digest - August 12th,2025
A bearish week for oil and gas benchmarks, amid economic and demand concerns as US tariffs took effe…
Weekly Energy Digest - August 5th,2025
2025.08.06
1 309
Weekly Energy Digest - August 5th,2025
Oil prices saw a noticeable increase for most of the week before a slight dip Thursday, amid US tari…
Weekly Energy Digest - July 29th,2025
2025.07.29
1 301
Weekly Energy Digest - July 29th,2025
Another rangebound week for oil prices, as tariff concerns were allayed after the US struck a deal w…
Market quotes are powered by TradingView.com
© Oil and Gas News | Oil and Gas Jobs | Oil and Gas Engineering, 2025
ADVERTISE  | Contact Us  | Privacy Policy  
Made in studio Zuber