Liza Two financiers hire consultant to manage their affairs

May 29, 2021 News

…will provide technical support to Japanese Bank involved

The Liza Unity under construction in Singapore.

Kaieteur News – A group of unidentified lenders have hired a technical consultant to manage their affairs relating to the financing facility for Guyana’s Liza Unity Floating Production Storage and Offloading (FPSO) Vessel, among other responsibilities,
The FPSO is being built by SBM Offshore and will be located in the ExxonMobil led Liza field II development, in the Stabroek Block and is scheduled to being production, following its hook up and commission scheduled for later in the year.
The company- Crondall Energy’s consultancy business—in announcing the contract yesterday, said it was awarded a contract, to be the lenders’ technical consultant for the project financing of ExxonMobil’s Liza Unity FPSO bound for Guyana.
Crondall Energy Consultants said it will be supporting MUFG Bank Ltd, the largest Japanese bank, as the Lenders’ Technical Consultant for the Liza Unity FPSO project financing.
MUFG is acting as Technical Bank on behalf of a group of Lenders for the financing facility.
Crondall Energy noted that its scope of services includes the initial technical due diligence on the project as well as an ongoing monitoring role through the Engineering Procurement Construction Installng (EPCI) project development phase.
The scope of work also includes project management, process engineering, marine engineering and a review of the project contracting framework, according to Crondall Energy.
The entity’s Managing Director, Anna-Louise Peters, said that the ongoing work in support of Lenders and financiers on a number of FPSO developments reflects Crondall Energy’s deep knowledge and understanding of such complex projects, as well as its ability to assist Lenders in managing the development phase and addressing the risks inherent in offshore projects.
“We continue to be grateful for the trust placed in Crondall’s team by both MUFG and SBM in appointing Crondall on this important project.”
Furthermore, Anna-Louise noted that Crondall Energy also acted on behalf of Lenders for the Liza Destiny FPSO project completed at the end of 2019.
Crondall Energy is a leading independent consultancy providing strategic, commercial and technical services for offshore energy projects that use floating production and subsea technologies.
The company boasts working with a range of project stakeholders, including energy companies, investors and law firms, “to help clients to manage technical, commercial and strategic risks and achieve positive project outcomes.
The Liza Unity vessel which was constructed in the Keppel Shipyard in Singapore, by Dutch Specialists, SBM Offshore, is expected to arrive in Guyana next month
The Liza Unity FPSO, is slated to have a capacity of 220,000 gross barrels of oil per day,
The development of the Liza II project is estimated to cost a total of US$6 billion and will add to production already occurring in the Liza field, in which production began with the Liza Destiny in December 2019.
This will move ExxonMobil’s production in the Stabroek Block to 340,000 barrels per day, and more, if the operator succeeds in increasing the nameplate capacity of the currently producing Liza Destiny.

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