@macdonaldrtrAlastair Macdonald
Heritage Oil confident it has role to play in #Libyareuters.com/article/idUSL5…
Nov 17 (Reuters) - British oil firm Heritage Oil is confident of playing a big role in Libya's oil industry in future, its Chief Financial Officer said, after the company gained a foothold in the North African country through a recent acquisition.
"We have a controlling share in Sahara and we will use that as our vehicle within Libya and we will be a part of the new Libyan oil industry," Heritage's Chief Financial Officer Paul Atherton said on the sidelines of a conference on Thursday.
Heritage spent $19.5 million buying a controlling stake in Benghazi-based Sahara Oil Services in October, in a deal which was denied by Libya's National Oil Company.
Atherton shrugged off the NOC's denials, saying that the company had had positive discussions with the NOC.
"We think we are extremely well positioned to play a major role there in the future," he said.
When asked about Heritage's strategy of taking a stake in an oil services firm, outside its usual remit of exploration and production, Atherton said it was a question of access.
"It's the ability to participate in future. It's the use of their existing licences both onshore and offshore Libya," he said.
Heritage will look to add oil and gas exploration licences to Sahara's portfolio in the future, Atherton explained. Currently Sahara's licences enable it only to undertake oil and gas services both onshore and offshore Libya.
Atherton said the stake in Sahara was acquired from "local Libyan parties" but declined to be more specific.
