SOCAR (State Oil Company of the Azerbaijan Republic) has assigned its 10% interest in the Azer, Chirag and Guneshli fields in Azerbaijan and the Caspian to Azerbaijan (ACG) Limited. The interest now needs funding, as the original “carry” arrangement has terminated. Other interests in the production sharing agreement for this prolific area are held inter alia by BP, Exxon, Amerada Hess Chevron and Statoil. BP Exploration (Caspian Sea) Limited is the operator.

Operis provided financial due diligence on behalf of BNP Paribas, the lead arranger of credit facilities of $750m – a revolving facility of $50m and a term loan for 5 years of $700m. The facility is secured by forward offtake agreements and syndication is now underway.

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