VITOL AGREES USD$530M OILFIELD DEAL WITH NIGERIA'S SHORELINE

European trading house Vitol has reached a USD$530 million deal with Nigeria’s Shoreline to finance an oilfield in exchange for access to some of the 50,000 barrels per day (bpd) of oil it produces.

The agreement is meant to provide Shoreline with cash to refinance existing debt and further develop OML 30 in Nigeria’s oil-rich Delta region.