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Oil & Gas Project Finance
You will learn about:
- Accessing project funding in today's challenging markets
- Structuring large oil and gas field development projects
- Financing pipelines, oil rigs, platforms, and other infrastructure
- LNG and fertilizer plants
- Power projects including 'green' energy deals
- Carbon credits
- Developing pro forma estimates and cashflow models
- Working with banks and understanding key legal risks in projects Official providers of funds and credit support (export credit agencies, development banks and others)
- Managing commodity price volatility in energy deals
Who Should Attend
The course will be of value to professionals in the following areas:
- Project Finance Managers
- Credit Managers
- Securities Managers
- Corporate Banking Officers
- Financial Analysts
- Strategic Planners
- Senior Executives
- Legal Advisors
- Business Analysts
In today's volatile energy environment financing projects is uniquely challenging. It is ever more important to understand how suitable financial structures for oil, gas and electricity projects are created as even the most carefully structured deals can face difficulties in attracting sufficient debt, equity or other funding from international or local investors.
Participants in this program will learn to structure projects in creative ways to attract funding from banks, the bond market, equipment providers and public and private equity. They will look at approaches to facility upgrades and green field projects in the oil gas and electricity sectors. They will analyse deals to develop robust security packages, as well as learning to apply many tools and techniques of quantitative financial analysis. In hands on sessions employing excel models they will assess project debt capacity, return on investment, and other metrics common to attractive deals.
Besides direct funding, in many transactions, credit enhancement techniques can also be very important. Thus traditional Export Credit Agency, Multi- and Bi-lateral Agency support, as well as tailored private sector political and commercial shifting mechanisms and programs are explained in detail. Cases and examples of projects from Africa, the Middle East, and elsewhere around the world are used throughout this program to ensure understanding and application of concepts.
Active course participation is encouraged to ensure understanding and reinforce concepts. Cases require evening reading. Participants will be provided with complete lecture notes, cases, and selected readings to serve as a reference after the sessions are completed.
Themes: Energy Markets; Varying Approaches to Financing Different Types of Projects; Qualitative and Quantitative Analysis; Cash Flow Modeling
Oil, Gas and Energy Project Finance
- Today’s market and energy transactions
- Structuring and sources of finance
- Limited recourse vs. balance sheet deals
- Types of projects and their comparative complexity
- Identifying and allocating risks
- - Pipelines
- - Field development and platforms
- - Production facilities
- - Refineries and petrochemical plants
- - LNG Facilities
- - Power Plants
- Key players and their roles
- Steps/timeline in a project financing
Case Example: Pipeline Project Finance
Sources of Finance: Financing Checklist
- Domestic Borrowing
- Loans from International Banks
- International Capital Markets: Eurobonds, Private Placements
- Export Credit Support for Loans and Bonds
- Specialized Agencies: IFC and others
- Equity from Project Sponsors and Others
- Derivatives Usage
Risk Identification and Allocation Building a Risk Matrix
- Risk allocation between sponsors, creditors and others
- Technology and construction/completion
- Reservoir/reserves risks
- Feedstock risk
- Sales and off-take, operation and maintenance
- Environmental considerations
- Political risk and regulatory issues
Quantitative Analysis: Using Proforma Cashflow Models
- Approaches to modeling for oil and gas transactions
- Developing an appropriate base case / running sensitivities and scenarios
- Focus of the debt providers: DSCR, loan life, and other key ratios
- Sizing debt in different types of projects
- Debt to equity balances
- Sponsor and key stakeholder perspectives
- Measures of investor return
Case Study: Financing an Ammonia Plant
Participants break into small groups to evaluate this security package this gas processing plant. A computer simulation quantifies risk assessments.
Themes: Legal issues to Consider in Accessing Finance; Bank Markets; Credit Enhancement; Upstream Oil and Gas Field Development; Reserve-based Facilities;
Refineries, Transportation, Shipping; Power Project Financing
Sources of Finance
- Club loans and bank syndicates
- Pricing, flexibility, timing in the sector and today
- What security do banks want?
- Offshore accounts and trustees
- Mortgages on fixed assets /contract assignments
- Capital markets and examples of projects
- Private placements, rule 144A and eurobond financing
- Swap requirements and other derivatives usage:
- Commodity, interest rate and currency hedging
- Recent structures and examples
Credit Enhancement: Export Credit Agencies (ECAs)
- Official guarantees, insurance and funding programs for energy transactions
- Incentives in ECA programs: which are most popular today?
- Costs and availability
Islamic Financing Alternatives for Energy Projects
- Structures: Istisna, Ijara, Sukuk
- Examples: Petro-Rabigh Saudi Arabia, other
Upstream Oil and Gas: Oil and Gas Exploration, Development and Production
- Oil production: process depletion and enhanced recovery
- Major systems and types of drilling equipment
- Offshore oil platforms in shallow and deep water
- Development finance vs. reserve-based lending and borrowing bases
- Mezzanine funding
- Emergence of “North Sea” structures and reserve categories (P1, P2, P3)
- Common measures: (Loan Life Cover Ratio (LLCR), Project Life Cover Ratio (PLCR), Reserve Tail
Case Study: Financing a Condensate Field Development
Participants break into small groups to evaluate the security package and forecast cash flows for an upstream condensate field development project.
“Midstream” and Refineries
- Understanding the process: from topping refineries to complex crackers
- Financing: greenfield vs. expansion
- Refinery market analysis:
- Cash flow volatility and operational risk mitigation
- Tolling structures
- Distribution controls and Information/other covenants
- Examples: Colombia, Vietnam
- Comparative costs and “grid parity”
- Government support schemes
- Biodiesel and ethanol
Oil and Gas Transportation, Shipping and Storage
- Logistics: pipelines, shipping, storage
- Crude gathering and transmission
- Refined products transmission lines
- Tanks, floating storage and caverns
- Types of tankers
- AFRA classes (average freight weight assessment)
- ULCC to tanker lightering
Case Study: Rig Finance
In small groups participants will assess a proposed bond issuance to refinance a semi-submersible rig conversion. Evaluating operating cashflows.
Power Project Financing
- Fragmentation of electricity sector into Gencos, Transcos and Discos
- Contracted sales and PPAs, merchant plants and tolling arrangements
- Gas and other fuel sources for thermal power plants
- Peakers vs. base-load facilities and power dispatch curves
- Rating agencies' analytical model
Case Study: Financing a Gas-Fired Power Plant
Participants will break into small groups to evaluate the security package for this cogeneration plant. A computer simulation is used.
Themes: Cashflow Modeling Workshop
The program’s final day integrates discussion of the oil and gas sector with cash flow modeling in workshop fashion. Using excel software, participants create a model for an LNG Plant suitable for examining project debt capacity as well as return on investment.
Overview: Oil, Gas and LNG Market Today
- Market Trends and Projects
- Case Example: Ras Laffan LNG
- LNG Sales Agreement
- Gas Payments and Royalties
- Construction Undertakings
- Financing Choices – Banks, ECAs and the Bond Market
- Equity Participation
Structuring a Cashflow Model and Organizing the Data
- Developing the Assumptions Page
- Construction Costs and Timing
- Operating Cost, Plant Capacity Usage, Fixed and Variable Costs
- Reinvestment, Plant Expansion, Productivity Shifts
Developing the Profit and Loss and Balance Sheet
- Factoring in Reserves
- Considering Currencies
- Tax Calculations
- Equity First or Pro Rata
- Manually Designed Equity Subscription
- Draw-down of Debt Linked to Specific Contracts or Expenditures or in a Hierarchy
Ratios and Sensitivity Analysis: Objectives and Limitations
- Measuring Debt Capacity and Investor Return
- Using Modeling Output for Initial Project Vetting
- Supporting on-going Negotiations
Summary and Wrap-up of Oil and Gas Project Structuring and Modeling
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
- Equipping stakeholders to respond rapidly to the exploding array of global project finance opportunities, is the objective of my courses. We show participants numerous successful - and troubled – project transactions. If they return to the office armed with concepts and a framework for analysis that they can apply to their own portfolios, we’ve met our goal.
BiographyMs. Osius designs and delivers executive level training sessions as well as providing consulting services to a wide variety of organizations worldwide. Specializing in international project finance, capital markets, and risk management, she works with corporate investors, private and development banks, equipment suppliers, law firms etc., to structure viable financing packages for green-field projects and facility upgrades in the power, oil and gas, transport, social services and telecom sectors. Prior to establishing her own firm Ms. Osius was a banker at JP Morgan Chase Bank where she structured international project transactions and advised clients on risk management. Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures, as well as financial analysis in frontier markets. She is a primary speaker in a series of video sessions on Sound Banking Principles. Ms. Osius is a Director of British Caribbean Bank and Waterloo Holdings. Previously she was Chair of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund (PPIAF). The fund supports technical assistance in emerging markets to encourage private involvement in infrastructure development. She received an M.B.A. from INSEAD, the European Institute of Business Administration, in Fontainebleau, France. Her B.A. degree is from Princeton University.