Heritage Petroleum Company Limited and Shell Trinidad and Tobago Ltd last week (April signed a Memorandum of Understanding that could see the two companies entering into a joint venture arrangement.
This is according to a statement issued by the Heritage Petroleum Company on Saturday.
The non-binding MOU includes plans for the parties to jointly acquire new technology seismic data and assess opportunities in a specified part of Heritage’s underdeveloped offshore acreage: the appraisal and redevelopment of the Main Field and exploration for and development of new undiscovered reservoirs.
The parties will continue to negotiate and work towards the establishment of a mutually beneficial joint venture arrangement to deliver the objectives of the agreement.
“This is a great opportunity for Heritage, as this partnership provides the technical and cash investment needed to further develop the potential of our untapped assets,” said Mike Wylie, Chief Executive Officer, Heritage.
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