Legal DealFolio - Financing and Charter of FPSO TEN Project, Ghana

Ashurst has advised MODEC, Inc., Mitsui & Co., Ltd, Marubeni Corporation and Mitsui O.S.K. Lines Ltd. (on their joint participation (through project company T.E.N. Ghana MV25 B.V.) in a long-term charter of a floating production, storage, and offloading system ("FPSO") to Tullow Ghana Limited for use in the Tweneboa, Enyenra, Ntomme ("TEN") fields offshore Ghana. Ashurst's role included advising the sponsors on a US$847 million project finance facility provided by Japan Bank for International Cooperation, Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Mizuho, ING Bank and ABN AMRO. The team from Ashurst's Tokyo office was led by partners John McClenahan, Harvey Weaver and Myles Mantle, assisted by counsel Matthew Rickards, senior associate Shan Koh, and associates Glen McAskill, Luke Russell and Rebecca Ogg. The TEN fields are held by a joint venture of five companies including Tullow Ghana Limited (a subsidiary of Tullow Oil plc) as Operator, Anadarko Petroleum Corporation, Kosmos Energy, Sabre Oil and Gas (a subsidiary of Petro SA) and Ghana National Petroleum Company. The FPSO project, which is planned to reach completion in 2016, will have an oil storage capacity of 1.7 million barrels and a gas processing capacity of 170 million cubic feet per day and will be developed through conversion of a Very Large Crude Carrier.

Deal Date:	18-10-2013	Practice Area:	Project Finance and Infrastructure
Deal Title:	Financing and Charter of FPSO TEN Project, Ghana	Industry:	Oil & Gas Producers
Description:	Ashurst has advised MODEC, Inc., Mitsui & Co., Ltd, Marubeni Corporation and Mitsui O.S.K. Lines Ltd. (on their joint participation (through project company T.E.N. Ghana MV25 B.V.) in a long-term charter of a floating production, storage, and offloading system ("FPSO") to Tullow Ghana Limited for use in the Tweneboa, Enyenra, Ntomme ("TEN") fields offshore Ghana. Ashurst's role included advising the sponsors on a US$847 million project finance facility provided by Japan Bank for International Cooperation, Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Mizuho, ING Bank and ABN AMRO. The team from Ashurst's Tokyo office was led by partners John McClenahan, Harvey Weaver and Myles Mantle, assisted by counsel Matthew Rickards, senior associate Shan Koh, and associates Glen McAskill, Luke Russell and Rebecca Ogg. The TEN fields are held by a joint venture of five companies including Tullow Ghana Limited (a subsidiary of Tullow Oil plc) as Operator, Anadarko Petroleum Corporation, Kosmos Energy, Sabre Oil and Gas (a subsidiary of Petro SA) and Ghana National Petroleum Company. The FPSO project, which is planned to reach completion in 2016, will have an oil storage capacity of 1.7 million barrels and a gas processing capacity of 170 million cubic feet per day and will be developed through conversion of a Very Large Crude Carrier.
Financial Center:	Tokyo	Value:	0.00-0.00
Advised Party:	Equity Sponsor	Law Firm	Ashurst
Project Location	Ghana	Equity Sponsor	Japan
Classification:	Project Finance Oil and Gas	Lawyer	John McClenahan

Practice Areas -

Project Finance and Infrastructure Law Firms and Lawyers

Practice Areas - Project Finance and Infrastructure Law Firms and Lawyers