Shoreline Natural Resources secures $500M Islamic financing from Qatar Islamic Bank to fund OML 30 drilling program in Niger Delta.

Shoreline Natural Resources, the upstream arm of Kola Karim's Shoreline Group, has secured a $500 million Islamic financing package from Qatar Islamic Bank (QIB) to fund a major drilling programme at OML 30 in the Niger Delta. The financing, structured as Islamic financing compliant with Sharia principles, will enable production targets above 100,000 barrels per day by the end of 2027. Unlike traditional interest-based loans, QIB will take a share of the asset or revenue, aligning the bank's returns directly with well performance. This represents a shift in funding sources for Shoreline Group, which previously raised capital from Vitol, Farallon Capital Management, and Nigerian banks in 2018.