Shoreline Secures $500m Financing for Nigerian Oil Block

Shoreline Natural Resources is reviving its efforts to increase oil production from Nigeria's OML 30 to 100,000 barrels per day, with a $500 million Islamic financing package secured from Qatar Islamic Bank.

The company holds a 45% interest in the onshore oil block and has been investing in it for years. Despite failing to meet its previous output targets, Shoreline is optimistic about the new funding and expects it to provide backing for increased drilling activities.

The $500 million facility arranged by Qatar Islamic Bank does not use conventional interest payments but instead links the lender's returns to an underlying asset or revenue stream. This marks one of the largest debt financings in Nigeria, with Gulf-based financial institutions playing a growing role in the country's oil and gas industry.