Explorer and producer Heritage Oil has bought a 51% interest in the Sahara Oil Services Holdings Limited which could give it access to Libyan oil fields. SOSH owns the Benghazi-based Sahara Oil Services, which holds long-term licences to work on oil fields in Libya, for both onshore and offshore drilling.
As the Middle Eastern country still comes to terms with Colonel Gaddafi’s flight from Tripoli following the fighting and civil unrest sparked during the Arab Spring, the London Stock Exchange-listed firm announced it has bought the $19.5million SOSH stake.
Heritage has been building up a base in Benghazi, the second largest Libyan city, for the last five months and has been in talks with the newly recognised Libya government, the National Transitional Council, said the company.
Tony Buckingham, Heritage CEO said:”We are delighted to have acquired a controlling interest in an established oil field services company in Libya. Heritage is well placed to play a significant role in the future oil and gas industry in Libya.”