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Heritage Oil justifies acquisition of OML 30

By on January 18, 2013

Heritage Oil has reacted to the recent calls by the Nigerian Labour Congress and Trade Union Congress for the cancellation of the deal that led to its purchase of the OML 30 by Heritage Oil , over Integrity issues.

The London based Oil Company operates in Africa, Middle East and Russia and is involved in the upstream realm of oil, gas exploration and production in the Global energy market.

In its statement on the deal with Shell, the Company defended its action by stating that all the provisions and requirements as stipulated by the Nigerian Government were followed, so the basis for the cancellation was untenable.

Heritage Oil said “The acquisition was made in partnership with Shoreline Energy, a Leading Nigerian Private energy and infrastructure company , which was founded in 1997. The OML 30 also has NNPC as the major partner under the JV provisions with 55 percent stake”.

From the analysis, Heritage in partnership with Shoreline Energy have 45 percent stake in the deal for the value of $850 million, which will indeed transform the operations of the Company.

It will be recalled that part of the reasons why the NLC and TUC had kicked against the deal, stemmed from the allegations that the owner of Heritage Oil, Mr Tony Buckingham has been identified as one of the sponsors of several foiled coup attempts in Africa.