Shoreline Group, a Nigerian oil producer, plans to almost double its crude output after agreeing a $530 million finance deal with Vitol Group and local lenders, Bloomberg reports.

The agreement with Shoreline, finalised on Thursday, will provide the company with cash to refinance existing debt and further develop OML 30 in Nigeria’s oil-rich Delta region.

Shoreline will seek to boost production to between 80,000 and 100,000 barrels a day this year, Chief Executive Officer Kola Karim said. The company currently pumps about 55,000 barrels a day.

Besides Vitol, the world’s biggest independent oil trader, Farallon Capital Management LLC, and lenders Ecobank Transnational Inc., Fidelity Bank Plc, Union Bank Plc and FCMB Group Plc will provide the financing.

“The funds will be used to refinance existing debt and provide us with working capital to expand production,” he said Thursday in a phone interview from Lagos, Nigeria’s commercial hub.

“As part of the funding arrangements, Shoreline will work with Vitol to market the crude, and in the development of its export logistics capabilities.”

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