
9:18am: British company Heritage Oil PLC has acquired a controlling interest in a Libyan company licensed to provide oil field services including offshore and land-based drilling.
Heritage said Tuesday that it paid $19.5 million for a 51 percent 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 says it established a base in Benghazi this year and has been dealing with senior members of the National Transitional Council. Tony Buckingham, chief executive of Heritage, says his company is now well placed to win exploration and production licenses.
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