We have provided Norwegian law assistance to a group of 23 international banks on Lundin Petroleum's ("Lundin") seven year reserve-based lending facility for up to USD 5 billion.

This is believed to be the largest ever European reserve-based loan (RBL) for an upstream oil and gas company. The facility has an initial committed amount of USD 4.3 billion and includes an accordion feature that allows existing and new lenders to provide additional commitments of up to USD 700 million.

The new facility replaces the existing facility of up to USD4 billion which was due to reduce in availability starting in June 2016 and mature in 2019.  The new facility does not reduce in availability until the end of 2020, enabling Lundin to finance the development of Johan Sverdrup, a very significant oil field in Norway which was discovered by Lundin in 2010.