Abstract
It is a challenge to finance oil and gas projects in a number of countries, especially the emerging markets and developing economies (EMDEs), due to the high-level of risk and the capital-intensive nature of these projects. For instance in the gas industry alone, Africa needs to mobilise about US$721 billion by 2035 to be in a position to finance its operations. Project finance has come to address some of these funding problems. Project finance refers to a nonrecourse or limited recourse financing structure in which the proceeds from the funded project are used to defray the costs of the project. This chapter discusses project finance in the oil and gas industry in EMDEs. It discusses the project finance market and examines the role of project finance, performance, and precedent projects of project finance in this industry. The various sources of structured and hybrid finance in the oil and gas industry are covered as well.
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