PetroTel selects offshore bank to support Musandam project

PetroTel plans to build facilities, as well as a three-kilometre offshore pipeline

  
Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

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MUSCAT, Dec 19 –
National Bank of Oman (NBO) has been selected as the onshore bank for PetroTel Oman LLC, which has just secured a $300 million financing from the US International Development Finance Corporation (DFC) for its oil and gas projects in Oman’s Musandam peninsula.

PetroTel Energy is an exploration and production company headquartered in Texas, USA, PetroTel’s local subsidiaries PetroTel Oman LLC (PTO) and PetroTel Oman Offshore LLC (PTOO) operate Block 17 and Block 40 respectively in Musandam.

Both licences are 100 per cent owned by PetroTel Energy.
With funding support from DFC, PetroTel plans to build facilities, as well as a three-kilometre offshore pipeline that will carry hydrocarbons to the existing Musandam Gas Processing Plant at Tibat.

While oil will be sold to international markets via an offshore loading terminal located off Tibat, the gas will be supplied to the Musandam Independent Power Project, a 120 MW power plant majority-owned by OQ and brought into operation in 2017.

Dr Anil Chopra, Chairman and CEO of PetroTel Oman LLC, added, “We are happy to have chosen NBO as our onshore banking partner with DFC. This project is a significant investment in Musandam and our partnership with NBO will help us solidify our contribution to the socio-economic growth and development of the Sultanate of Oman under the guidance of the Ministry of Energy and Minerals.”

Asif Redha, Head of Global Transaction Banking at NBO, said, “NBO is always ahead in the market by providing innovative technological solutions to international and local businesses. Our Corporate Internet Banking and B2B channels are at the forefront of helping institutions to leverage their cash flows and optimise their resources and have made us the bank of choice for many reputed organisations.

We are glad to offer our tailor-made solution to PetroTel Oman LLC to meet its requirements, throughout the whole of their project lifecycle.”

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