oil and gas

forest oil
oil & gas / south africa

Forest Oil and Anschutz Corporation undertook a greenfield development project involving the exploration and production of natural gas reserves in the Ibubhesi gas field, and the construction of a pipeline to Cape Town, South Africa. As a first stage, Forest Oil and its South African partner were to begin producing gas from a portion of this field that will produce 415 bcf of gas over a 10-year period. Initial Project costs were estimated to be $275 million. As part of the development of the project, Delphos International assisted Forest Oil in applying for a $1.3 million cost-sharing grant through the United States Trade and Development Agency ("TDA"). In September of 2002, $650,000 was awarded by TDA to cover half of the costs of determining the technical, economic, and environmental feasibility of the pipeline.

rompetrol
oil & gas / romania

With assistance from Delphos International, Rompetrol, S.A., the largest private company in the oil and gas field in Romania, received a $330,000 grant from the United States Trade and Development Agency ("USTDA") to complete a feasibility study for the modernization of existing sulfur recovery and sour water stripping systems, as well as to build and operate an integrated system for the recovery of solid sulfur and production of sulfuric acid at the Petromidia Refinery. Petromidia is Romania's largest and most modern refinery. Kellogg, Brown and Root International, Inc., was awarded the contract to perform the feasibility study and hired Delphos International as a subcontractor to perform the economic and financial analysis portions of the study.

tucan
oil & gas / venezuela

Tucán Petroleum Services de Venezuela S.A. is a privately held oil well services company incorporated in Venezuela and majority-owned by a U.S. sponsor. Delphos International structured and negotiated a $4.5 million, 9-year loan from OPIC to support the company's expansion in Indonesia. Loan proceeds are being used for the purchase of additional fixed assets, start-up working capital, interest during construction and debt service reserve funding. Delphos International is now advising the company in the loan administration disbursement process and compliance with loan covenants.