Heritage Oil on deal trail
By Hadi Fornaji
Tripoli, 20 November:
UK-based Heritage Oil, through its Sahara Oil Services business is going after contracts with the NOC and other state oil companies to rehabilitate Libya’s hydrocarbon sector.
Heritage Oil came to Libya in the first half of 2011, setting up in Benghazi during the revolution. In a management update on its Libyan operations, Heritage CEO, Tony Buckingham pointed out that the company had built up its position through the October 2011 acquisition of a 51 percent stake in Sahara Oil Services Holdings Limited in a $19.5 million cash deal. Sahara through its wholly-owned subsidiary, Sahara Oil Services Limited, which was formed in 2009, holds long-term permits and licences to provide oil field services in Libya. It also has the rights to own and operate oil and gas licences.
Sahara, which has an office in Benghazi has also set up in Tripoli. The company said “Our work is ongoing through Sahara Oil Services in Benghazi, the gateway to the majority of Libya’s current producing fields, with the aim of playing a key role in the substantial amounts of rehabilitation work needed to resume, maintain and increase Libya’s hydrocarbon production in line with NOC and Oil Ministry targets.”
Heritage currently has producing assets in Nigeria and Russia,with exploration assets in Malta, Tanzania, Pakistan and the Democratic Republic of Congo
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