GeoPark to access $500 mln from Vitol in return for oil deliveries

G. Samdani Avatar

·

·

[ad_1]






GeoPark to access $500 mln from Vitol in return for oil deliveries

















XM does not provide services to residents of the United States of America.

Reuters

GeoPark to access $500 mln from Vitol in return for oil deliveries



GeoPark to access $500 mln from Vitol in return for oil deliveries

May 9 (Reuters)GeoPark GPRK.N has struck a deal to sell a minimum of 20,000 barrels of oil per day to Dutch commodities trading firm Vitol, receiving access to up to $500 million in funding in return, the Latin American oil and gas producer said on Thursday.

As part of the agreement, Geopark said it will obtain immediate access to up to $300 million from Vitol and will have an option to increase the funding by another $200 million.

Reuters was unable to confirm what the funds will be used for.

The deal to sell oil, which comes out of its Colombia project, will begin on July 1 this year and will last for a minimum of 20 months, GeoPark said, adding that it is likely to go up to 36 months.

The agreement improves GeoPark’s price realizations by $0.15 per barrel compared to the current agreement, GeoPark said.

Reporting by Chandni Shah in Bengaluru; Editing by Janane Venkatraman

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.


Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.


[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *