Company

Niko To Incur Rs.340 Cr. Capex In India, Bangladesh With IFC Support

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Canada-based exploration and production company Niko Resources Ltd. is planning to incur a capital expenditure (capex) of around Rs.340 crore in India and Bangladesh. The capex in India is for the work-over of wells and the development of R-cluster and Satellite fields in the Krishna-Godavari (KG) Basin off the eastern coast of India, reports said.

The proposed investment will have the backing of arm -the International Finance Corporation (IFC), which is planning to invest around $80 million.

The company has requested IFC to consider providing financing together with some other investors to support the company’s capex programme, IFC said.

The total financing of $340 million will be utilized to fund the company’s capex in India and Bangladesh through 2016 and the refinancing of some outstanding debt.

The capex programmes include work-over of wells in the D1-D3, MA and the development of the R-cluster and Satellite fields and upgrading the surface facilities in the KG Basin and to take up development work for Block 9 in central Bangladesh, between Dhaka and Comilla.

The project in Bangladesh includes two development wells, up-gradation of the production facility and installation of additional compression to arrest production declines.

The company will also restructure its debt by refinancing the expiring debt instruments with loans of longer maturity.

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