do not under estimate this quote from bharat, page-2

Analysis

BPCL’s decision to progress its investment in the Arrowsmith development is a major vote of confidence for the project.

Although terms have not been disclosed, the involvement of BPCL has potential to change the valuation dynamics of Northwest.

Even a starting investment will effectively underwrite Norwest by de-risking development of the project along the way.

This backs your statements up. Copy paste, part of article from proactiveinvestor .