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.