Photo by: Bloomberg
South Africa’s national oil company PetroSA, through its subisidiary PetroSA Ghana, has secured a seven-year $150-million reserve-based lending credit facility with a consortium of banks.
PetroSA CFO Lindiwe Bakoro said the company was pleased to close this transaction in a difficult market, as there was uncertainty surrounding crude oil prices as well as the continued difficulty in accessing global capital markets.
The funds would be used to refinance exisiting loans, as well as provide expansion captital expenditure in the Jubilee and Tweneboa, Enyenra and Ntomme offshore fields in Ghana.
The credit facility, which was concluded in February, was signed with Absa, Rand Merchant Bank, Standard Chartered Bank, BNP Paribas, Credit Agricole Corporate & Investment Bank and Natixis.
“We consider this a strong message of support for our relations with these banks and [the facility] will contribute significantly to our growth aspirations,” she added.
PetroSA Ghana generated revenue and profits of R963-million and R491-million for the year ended March 2014.