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• W1998082023 abstract "Introduction This paper is written for the independent operator considering project financing in his operations. What the operator can expect in making these financial arrangements and how project financing compares to other financing methods is discussed. Within the past decade, large amounts of capital have been needed by the petroleum industry to finance projects worldwide, especially in the North Sea area. projects worldwide, especially in the North Sea area. In this area project financing has been used by companies having different objectives which include at least one of the following: raising capital, reducing financial exposure, or reducing capital costs. In project financing the source of repayment is limited project financing the source of repayment is limited to the cash flow stream provided by a particular project. It can be used alone or in conjunction with project. It can be used alone or in conjunction with other types of financing to provide a desired result relative to the corporate balance sheet and to the relative assumption of risks in the project between the borrower and the lender. Historically, financing for the small, independent company active in exploration and production involves oil production loans from commercial banks when the company has proved producing reserves to provide collateral for these loans. then such reserves are not available or the capital requirements outstrip the collateral value for conventional bank financing, the operator will resort to equity financing. Equity financing for the independent operator can include public and private limited partnerships, farmouts, and/ public and private limited partnerships, farmouts, and/ or sale of a portion of the independent's interest at a promoted price. These types of equity financing are used by both public and private independent companies. Equity financing provides for spreading the risk and sharing the available capital within the industry, and also provides an important source of capital from outside the industry. Within the past few years, a type of project financing (also known as alternative or mezzanine financing) has become available to the independent through lending institutions specifically established to provide this service. This form of financing can provide capital for a wide range of projects, provide capital for a wide range of projects, including exploration acreage, development drilling, well completions, and secondary recovery. The features of alternative project financing involve both a collateralized loan and a share of the operator's equity. Thus, the alternative financing is a means of combining the two historical approaches. Project financing does not replace the need for either bank financing or equity financing but is complementary to both. DEFINITIONS Before proceeding, same ground rules should be made. In the large North Sea type project, project financing limits the recourse of the lender to the cash flow stream and other assets within the project itself. However, as project financing is applied to the small, independent producer, this is not always true. Additional collateral outside of the project itself may be required. Examples of other possible considerations might include warrants to purchase shares of corporate treasury stock, a second lien position behind conventional bank loans in other position behind conventional bank loans in other producing properties, or personal guarantees or producing properties, or personal guarantees or letters of credit supplied by the principals of the independent company. While the primary recourse of the lender is the project itself, these other guarantees and considerations result in a type of financing which is highly flexible with the terms being negotiated on a project-by-project basis. A factor which greatly influenced the viability of alternative financing was the dramatic economic turndown experienced by the oil industry starting at the end of 1981. Within the first seven months of 1982, the rig count dropped from a peak level of 4,530 to 2,600 active drilling rigs in the U.S. This was largely caused by a drying up of capital from limited partnerships, joint ventures, and participation programs which earlier provided a large influx programs which earlier provided a large influx of capital from outside the industry and even from outside the United States. The slowdown has caused an economic hardship on the independent producer. Financing arrangements made for sane activities during the previous two years are not available nor even desirable now in 1982. p. 17" @default.
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• W1998082023 date "1983-03-03" @default.
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• W1998082023 title "Project Financing for the Small Independent Company" @default.
• W1998082023 doi "https://doi.org/10.2118/11289-ms" @default.
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