Heritage Oil gains access to Libya

05 October 2011

UK firm acquires 51 per cent stake in Libya oil company

The UK’s Heritage Oil has acquired a 51 per cent stake in Libya’s Sahara Oil Services Holdings Limited (SOSH), a company which holds long-term permits and licences to provide oil field services in the country.

The acquisition was made through a cash payment of $19.5m, according to a 4 October statement.

Benghazi-based SOSH has the long-term permits and licences to provide onshore and offshore oil field services in Libya and the rights to own and operate oil and gas licences. Heritage will use the company to assist with the drilling of its offshore targets in Malta. SOSH was established in April 2009.

Heritage has established a base in Benghazi over the past five months and says it has been in talks with the ruling National Transitional Council (NTC) government about the rehabilitation of Libya’s oil production facilities.

“The dialogue with these parties continues through SOSH with Heritage exploring ways to assist the NTC and the state oil companies rehabilitate certain of their existing fields and recommence production,” says the statement. 

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