Dentons has advised long-standing client Vitol, the global energy and commodity trading group, on its participation in the recent US$534 million debt financing for Shoreline Natural Resources Limited (SNRL), the indigenous Nigerian oil producer which, 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 will enable SNRL to increase production from OML 30 at a time when the oil market's recovery appears to be stabilising.