Dentons has advised Vitol, the global energy and commodity trading group, on its participation in the US$534mn debt financing for Nigerian oil producer Shoreline Natural Resources Limited (SNRL)
SNRL, together with the Nigerian Petroleum Development Company, owns OML 30, a large onshore block in the western Niger Delta.
As well as refinancing existing indebtedness, the new credit facility is expected to enable SNRL to increase production from OML 30 at a time when the oil market's recovery appears to be stabilising.
In connection with this facility, Vitol is set to become entitled to lift SNRL's share of production from OML 30 and to manage the development of alternative export infrastructure, reducing OML 30's dependence on the Forcados Terminal.
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