British company Heritage Oil, which has an exploration project in a sea area controlled by Malta, said last week that it has acquired a controlling interest in a Libyan company licensed to provide oil field services including offshore and land-based drilling.
Heritage said it paid $19.5 million for a 51 per cent stake in Sahara Oil Services Holdings Ltd. Heritage said the acquisition will allow it to play a significant role in Libya’s oil and gas industry.
Sahara Oil Services was established in 2009 and is based in Benghazi.
Heritage established a base in Benghazi this year and has been dealing with senior members of the National Transitional Council, the company said.
Richard Griffith, analyst at Evolution Securities, said the move “could prove to be a very shrewd investment” by the company.
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