Petroleum Africa
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Tuesday, January 23, 2018
Vitol reached a $530 million deal with Nigeria’s Shoreline Natural Resources to finance an oilfield in exchange for access to some of the 50,000 bpd of oil it produces. The agreement with Shorelinewill provide the company with cash to refinance existing debt and further develop OML 30 in Nigeria’s oil-rich Delta region.
The field currently produces 50,000 bpd and has an estimated 1 billion barrels of oil reserves. Shoreline has a 45% interest in the field.
Shoreline chairman Kola Karim said the “transformational” deal would enable the company to step up gross production to as much as 100,000 bpd over the next year.
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