Brightoil Petroleum has announced that China’s state-run energy giant CNOOC has, through subsidiaries CNOOC International Financial Leasing and CNOOC China, provided the company $700m of financing.
The financing includes $400m for the company’s Caofeidian Oilfield for a period of five years and an advanced payment arrangement of $300m to ensure the smooth implementation of the overall development adjustment plan and the actualisation of the goal of increased production in the oilfield.
In November, Brightoil terminated a plan to sell 15 vessels in its fleet and chartered the vessels to Shell. The company also said it was working with a bank in China to formulate a package of financing and debt optimisation adjustment plans for the company.
Photo: Thomas Timlen