Shell and Banks Launch $3bn Financing for Oil Contractors

Shell Nigeria Exploration and Production Company Limited, in partnership with nine Nigerian banks, has launched a $3 billion contract financing facility designed to enhance credit access for indigenous oil and gas contractors. This initiative, unveiled on a Thursday, aims to support local contractors in executing projects effectively.

The participating banks include First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank. Ronald Adam, Managing Director of Shell Nigeria, emphasized the commitment to support the growth of oil and gas operations in Nigeria.

Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria, described the financing facility as a significant boost for indigenous contractors. The financing scheme is expected to strengthen the capacity of Nigerian companies and enhance value delivery in the oil and gas sector, reflecting the objectives of the Nigerian Oil and Gas Industry Content Development Act.