Heritage Oil has agreed to enter into a joint venture with Bayelsa Oil Company one of the indigenous oil companies in Nigeria owned by the Bayelsa State of Nigeria government for the purpose of setting up a new indigenous oil and gas company, which would be called Petrobay Energy.
Heritage Oil will own 45% of Petrobay Energy, which will be based in the Bayelsa State capital Yenagoa, in the Niger Delta. The venture will give Heritage access to more Nigerian assets while complying with Nigeria’s strict local content laws. Heritage said Petrobay would look to acquire production, development and exploration assets from international oil companies, and would combine “Bayelsa Oil Company’s indigenous support from state government and local communities with Heritage’s strong technical track record and access to financial markets”.
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