This book considers the history and origins of project financing for the oil and gas industry, summarizing the benefits associated with structured finance. Some discussion on special purpose entities for field development (multi-well) as well as general capital project approaches are offered. Participants and providers involved in project financing are identified and discussed, including independent oil and gas producers. A sample set of these producers are analyzed to determine the impact of expenditures on return on capital employed (ROCE), dividend yield, and stock price. How future project financing transactions should be structured to minimize firm risk and maximize returns are explored. Two primary forms, including future flow securitization and collateralized debt obligations, will be evaluated. To illustrate these approaches, a current field development project in Mozambique will be analyzed to understand how theoretical frameworks might be best applied within the industry. Conclusions and recommendations for large-sized independent E&P producers are offered in the book.