Ike Amos
15 March 2018, Sweetcrude, Lagos — Guaranty Trust Bank Plc Shell Nigeria has extended a $270 million loan facility to Amni International, an independent oil, and gas firm in Nigeria.
Amni disclosed that the term loan would give Shell Western Supply and Trading sole access to the 16,000 barrels per day (bpd) of crude oil the company pumps in two oil fields.
Amni also stated that production at its offshore fields, including Ima and Okoro/Setu, is difficult to maintain, while it noted that the loan would allow for further development the fields.
Commenting on the deal, Chief Executive Officer of Amni, Mr. Tunde Afolabi said, “We are excited to work with GTBank and Shell as commercial and financial partners to enable the realisation of Amni’s ambitious plans for growth.”
ReBigger oil companies and trading houses often extend financing to smaller oil and gas producers in deals that allow the financier preferential access to physical cargoes and give the recipient companies the cash they can use to develop and maintain their assets.
