Japan Bank for International Cooperation (JBIC) has signed three loan agreements totalling US$650 million (JBIC portion) with Japan Oil Development Co., Ltd. (JODCO) and INPEX Financial Services Singapore Pte. Ltd. (IFSS), a Japanese/Singaporean subsidiary of INPEX Corporation (INPEX).

The loans, announced on October 13, are provided under JBIC’s Growth Investment Facility, and are co-financed with private financial institutions, bringing the total co-financing amount to US$1 billion.

The loans are intended to provide the necessary funds for JODCO and IFSS to develop oil fields in Abu Dhabi. The developments are: Satah, Umm Al-Dalkh, and Upper Zakum offshore oil fields developed by JODCO; the Lower Zakum offshore oil field by JODCO Lower Zakum Limited, an INPEX Cayman subsidiary; and Abu Dhabi Onshore oil fields by JODCO Onshore Limited, another INPEX Cayman subsidiary.   

JBIC said the loans will support the Japanese companies’ offshore and onshore oil fields development business in Abu Dhabi, where they own interests, and will contribute to maintaining and enhancing Japan's self-development ratio as well as securing a stable supply of energy resources over the medium to long term.