Nigeria Oil Firm Eyes 100,000 Barrels a Day With Qatari Islamic Financing
Nigeria's Shoreline says new drilling, backed by US$500 million in Islamic financing arranged by Qatar Islamic Bank, can lift its OML 30 block above 100,000 barrels a day by the end of 2027. The post Nigeria Oil Firm Eyes 100,000 Barrels a Day With Qatari Islamic Financing appeared first on The Rio Times .
A Nigerian oil producer, Shoreline Energy International, has secured US$500 million in Islamic financing from Qatar Islamic Bank to boost its output to over 100,000 barrels a day by the end of 2027, according to Kola Karim, the company's CEO. OML 30, a block in Nigeria's Niger Delta, is the target for this growth, which is currently producing between 45,000 and 70,000 barrels a day.
This Islamic financing, known as a commodity murabaha, is a first-of-its-kind in Nigeria and marks a shift towards local lenders as Western majors withdraw from the market. The Qatari financing is part of a broader trend of Nigerian-owned companies taking over fields previously operated by Western majors, with Shoreline itself having acquired OML 30 in 2012.
The financing will also support the Trans Forcados pipeline, which exports crude to a coastal terminal. However, the success of this project will depend on whether Shoreline can deliver on its production targets and navigate the operational risks faced by onshore Niger Delta fields.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
