Heritage to sell Ugandan blocks to ENI for $ 1.5 bn

Nov 22, 2009 01:00 AM

The UK-listed exploration and production company Heritage Oil is to sell its interest in two Ugandan oilfields to Italian supermajor ENI in a deal said to be worth around $ 1.5 bn.
It was reported that the company decided to sell the blocks at Lake Albert to ENI after deciding that they were too expensive to develop due to the remote location of both fields.

It is believed Heritage will invest the cash on its interests in Iraqi Kurdistan and experts believe that it will further strengthen the company's position in regards to the proposed $ 6 bn merger with Genel Energie.
The merger has yet to be completed due to the financial standards authority in the UK conducting an investigation into a number of Genel executives.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« November 2020 »
November
MoTuWeThFrSaSu
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30

Register to announce Your Event

View All Events