Energean Oil and Gas reserves-based loan (Greece)

BSTDB provided a reserves-based loan facility in the amount of USD 52.5 million to Energean Oil & Gas, a Greek exploration and production company to accelerate the development of Greece’s hydrocarbons sector. 

The facility will support the company’s existing oil development programme to access additional oil reserves in the Prinos, Prinos North and Epsilon operating oil fields, located offshore Greece (Prinos-Kavala Basin). In particular, the financing will cover capital expenditures for drilling and additional well platforms and consolidation of the company’s existing debt.

The loan is part of a senior reserves-based facility amounting to USD 180 million, jointly provided by BSTDB, the European Bank for Reconstruction and Development (EBRD), and a Romanian Club facility, arranged by the Export-Import Bank of Romania.