Shoreline Energy announced that it intends to lift its oil output to 100,000 barrels per day following the closure of a $500 million financing agreement with Qatar Islamic Bank (QIB). The statement, released by the firm, highlighted that the funding will underpin the next phase of its offshore development programme in Africa.
The financing package, described by QIB as fully Sharia‑compliant, represents a significant injection of capital for the company’s expansion plans. According to the announcement, the loan will be drawn down in tranches aligned with key project milestones, allowing Shoreline to progress drilling, infrastructure installation and production testing without delay.
Shoreline indicated that the capital will be allocated to the development of its offshore assets, including the procurement of drilling rigs, construction of subsea facilities and the establishment of export logistics. The firm expects the new facilities to become operational within the next few years, with the 100,000‑bpd target serving as a benchmark for its medium‑term production strategy.
Industry observers note that the financing underscores growing interest from Gulf‑based financial institutions in African energy projects. The partnership with QIB is seen as a conduit for bringing additional investment to the region’s oil sector, potentially creating jobs and contributing to local revenue streams. The company also highlighted that the project aligns with broader efforts to enhance energy security and diversify supply sources.
While the exact timeline for reaching the production goal was not disclosed, Shoreline’s management signaled that the project is on track to deliver its first output within the next two to three years. The firm plans to monitor market conditions and adjust its rollout schedule accordingly, aiming to sustain a steady increase in output as additional wells come online.
Reporting attribution: based on reporting by The Africa Report — original source: https://www.theafricareport.com/431894/exclusive-shoreline-targets-100000-bpd-after-500m-qatar-islamic-bank-financing/.