Standard Bank Group (SBG) has won emeafinance's best oil and gas deal in Africa award for the bank's support of PA Resources' development of the Republic of Congo-Brazzaville's Azurite Field.
The awards highlight achievements in a range of sectors in the EMEA (Europe, Middle East and Africa) region.
This is the third consecutive year that Standard Bank's strength in project finance has been recognized in these awards presented by emeafinance magazine.
The financing will allow PA Resources to complete development of the Azurite Field, as well as secure funds for the development of PA Resources' other assets in the Republic of Congo. The financing marked a change in PA Resources' financing approach, moving from the Scandinavian bond-loans to cheaper and more reliable bank debt. Standard Bank Group acted as mandated lead arranger, bookrunner, technical bank, accounts bank and hedging bank for the PA Resources' reserves-based lending facility.
The Azurite Field was discovered in 2005 and is located in the Lower Congo Basin. The Azurite field started producing in the second quarter of 2010 and by the end of 2010, six wells were producing an average of 23 000 barrel of oil a day.
The field is operated via an innovative floating, drilling, production, storage and offloading vessel, where the rig can be removed from the vessel and used elsewhere. This can offer a cost-effectiveproduction capacity for fields where a large number of drills is required. The economic benefits of incorporating a drilling rig onboard an floating, production, storage and offloading vessel bring new hope for deepwater developments in similar environments.
Don Hultman, Head of the Mining, Energy and Infrastructure Finance team at Standard Bank Group, says: "We are delighted to receive such industry recognition for our success and expertise in Africa for the third consecutive year.
"This deal further represents Standard Bank Group's committed support to Africa and is a testament to our Oil and Gas team's broad range of skills and knowledge of the local African markets within the continent itself."
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