Her­itage Pe­tro­le­um Com­pa­ny Lim­it­ed and Shell T&T Lim­it­ed have signed a mem­o­ran­dum of un­der­stand­ing that could see the two com­pa­nies en­ter­ing in­to a joint ven­ture arrange­ment.

The non-bind­ing MoU 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: the ap­praisal and re­de­vel­op­ment of the Main Field and ex­plo­ration for and de­vel­op­ment of new undis­cov­ered reser­voirs.

The par­ties will con­tin­ue to ne­go­ti­ate and work to­wards the es­tab­lish­ment of a mu­tu­al­ly ben­e­fi­cial joint ven­ture arrange­ment to de­liv­er the ob­jec­tives of the agree­ment.

“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,” said Mike Wylie, Chief Ex­ec­u­tive Of­fi­cer, Her­itage.