HERITAGE Petroleum Company and Shell TT have signed a memorandum of understanding which could see both companies entering into a joint venture arrangement. This was announced in a media release on Saturday. The non-binding memorandum, signed on April 16, also includes plans for the parties to jointly acquire new technology seismic data and assess opportunities in a specified part of Heritage’s underdeveloped offshore acreage.
These include the appraisal and redevelopment of the main field and exploration for and development of new undiscovered reservoirs. Both companies are expected to continue negotiations and work towards the establishment of a mutually beneficial joint venture arrangement.
Heritage chief executive officer Mike Wylie said, “This is a great opportunity for Heritage, as this partnership provides the technical and cash investment needed to further develop the potential of our untapped assets.”