Sable Offshore (SOC) needs $1.7B in funding to implement the floating storage strategy it proposed as an alternative to marketing crude from the Santa Ynez field off California by pipeline, Shariq Khan of Reuters reports, citing two sources familiar with the matter. Sable said last month that it was pursuing an offshore storage and treating vessel strategy to market oil produced from the Santa Ynez project, while it continued contesting California regulators’ challenges to its planned restart of an onshore pipeline that moved crude from the project to regional refineries, Reuters notes. Sable’s estimates include the refinancing of a $900M loan from Exxon Mobil (XOM) to buy the project, which shut it in 2015 after an oil spill, the sources said. Sable has been in talks with the U.S. government for financing for the project, which could include a federal loan guarantee, the people added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SOC:
- Sable Offshore falls after California alleges compliance deficiencies
- Roth expects ‘slight’ selloff in Sable Offshore from California letter
- Sable Offshore Addresses Compliance Allegations in California
- Sable Offshore Corp call volume above normal and directionally bullish
- Energy Secretary post positive for Sable Offshore, says Roth Capital