Crédit Agricole CIB has concluded a 7-year USD 400 million reserve based facility with PGNiG Norway. Crédit Agricole CIB acted as mandated lead arranger, bookrunner, documentation bank, facility and security agent.

The facility will help the Norwegian affiliate of PGNiG Group meet the financing requirements connected with its operations on the Norwegian Continental Shelf. The proceeds from the facility are to be used primarily to finance capital expenditures on the Skarv field. This is the Norway’s largest development project as of today, in which PGNiG Norway holds an 11.9% stake along with BP, EON and Statoil.

This landmark transaction strengthens the positioning of Crédit Agricole CIB in large upstream oil and gas financing in the North Sea area.

PGNiG is a major Polish oil and gas group.