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Shoreline Power and Heritage Oil finalize energy deal

By Ottoabasi Abasiekong on January 3, 2013

Heritage Rig

The year 2013 has begun with a strategic deal in the Energy sector, that should set the stage for more operations and activities that will aid the development of the Power Sector.

Heritage Oil, an Indigenous firm in Nigeria involved in the upstream and exploration activity in the Oil and Gas sector, has taken up the mandate and vision of becoming one of the major players in the economy.

In line with this plan, Heritage Oil Nigeria has concluded a deal with Shoreline Power Resources limited, a joint venture agreement that will see to the expansion of the energy sector, boosting the local content development capacity of the HNL.

The deal which sees Heritage Oil Nigeria acquiring about 30 percent of the assets of the Shoreline Power Resources limited, also a dynamic and innovative Nigerian Infrastructure and Energy company.

Apart from this Deal, the joint venture operations of the Heritage Oil and the Shoreline had successfully secured about 45 percent of the Oil Mining lease, 30, owned by Multinational Oil companies, Shell, Total and Agip.

One of the landmarks of the deal will be the $100 million proceeds that Shoreline Power Resources limited will give to the Heritage Oil Company, as benefits of the acquisition of assets in the energy firm.

Speaking further on the deal, the Chief Executive Officer of the Heritage Oil Firm Mr Tony Buckingham, said the transaction will make the company more relevant in the business of drilling operations.

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