Abstract

http://ssrn.com/abstract=1429501
 
 

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Structured Financing Techniques in Oil & Gas Project Finance: Future Flow Securitizations, Prepaids, Volumetric Production Payments, and Project Finance Collateralized Debt Obligations


Christopher L. Culp


Johns Hopkins University - Institute for Applied Economics, Global Health, and Study of Business Enterprise; Swiss Finance Institute; Compass Lexecon

J. Paul Forrester


Mayer Brown LLP

July 3, 2009

ENERGY & ENVIRONMENTAL PROJECT FINANCE LAW & TAXATION: NEW INVESTMENT TECHNIQUES, A. S. Kramer & P. C. Fusaro, eds., Oxford University Press, Forthcoming

Abstract:     
Structured financing techniques in oil-and-gas-related project finance have grown more popular over the past several decades. Securitization, in particular, has played an important role in project finance by increasing oil and gas sponsors’ access to affordable financing from the capital markets and helping banks refinance their project loan exposures. We review the economic benefits of using structured finance techniques in oil & gas project finance, and we explain and provide examples of several of the most common types: future-flow securitizations, prepaids and volumetric production payments, and project finance collateralized debt obligations. We conclude with a discussion of the impact of the credit crisis on these products and markets.


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Date posted: July 16, 2009  

Suggested Citation

Culp, Christopher L. and Forrester, J. Paul, Structured Financing Techniques in Oil & Gas Project Finance: Future Flow Securitizations, Prepaids, Volumetric Production Payments, and Project Finance Collateralized Debt Obligations (July 3, 2009). ENERGY & ENVIRONMENTAL PROJECT FINANCE LAW & TAXATION: NEW INVESTMENT TECHNIQUES, A. S. Kramer & P. C. Fusaro, eds., Oxford University Press, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1429501

Contact Information

Christopher L. Culp (Contact Author)
Johns Hopkins University - Institute for Applied Economics, Global Health, and Study of Business Enterprise ( email )
3400 N. Charles Street
Baltimore, MD 21218
United States
Swiss Finance Institute ( email )
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland
Compass Lexecon ( email )
332 South Michigan Avenue
Suite 1300
Chicago, IL 60604
United States
J. Paul Forrester
Mayer Brown LLP ( email )
1675 Broadway
New York, NY 10019
United States
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