Hong Kong listed Brightoil Petroleum (Holdings) Limited on Friday (28 December) voluntarily announced it has acquired total funding of USD $700 million from CNOOC for its Caofeidian Oilfield project through its two subsidiaries of CNOOC Group, CNOOC International Financial Leasing (Hong Kong) Limited and CNOOC China Limited.
On 27 December, Win Business Energy Caofeidian Limited, a subsidiary of Brightoil, entered into a finance lease agreement with CNOOC International Financial Leasing (Hong Kong) Limited for a principal amount up to USD406,000,000 for a period of five years.
A separate development fund of approximately USD $300 million to support the ‘Overall Development Adjustment Plan’ of Caofeidian Oilfield will be signed with CNOOC China Limited at a future date.
“After the implementation of the Plan, it is expected that the annual output of the oilfield will be increased by more than one fold,” notes Brightoil.
Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 31 December, 2018
Tham Fook Leong has over 15 years of experience working with Base Oil and Petroleum products and last worked with GP Global APAC Pte Ltd.
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