Shell Nigeria Exploration and Production Company Limited has partnered with nine Nigerian banks to establish a $3 billion contract finance facility.
The initiative is designed to improve access to credit for indigenous oil service contractors operating within the country's upstream sector.
This move comes as Shell reported strong first-quarter adjusted earnings of $6.
The financing structure addresses a persistent bottleneck in Nigeria's oil and gas supply chain, where local service providers often face liquidity constraints that can delay operations.
By providing a dedicated credit line, Shell aims to stabilize the local vendor ecosystem and ensure smoother execution of exploration and production activities.
This move comes as Shell reported strong first-quarter adjusted earnings of $6.92 billion, surpassing market expectations.
The company attributed its robust performance partly to elevated energy prices driven by geopolitical tensions, including the ongoing conflict in Iran.