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.
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