Heritage Oil

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Type Public Limited Company
Traded as LSE:HOIL
Founded 1992[1]
Headquarters Jersey
Key People Michael Hibberd (Chairman), Tony Buckingham (CEO)
Revenue US $431,9 million (2013)[2]
Net Income (US $106.88 million), 2013[3]
Employees 163 (2013)[4]
Website www.heritageoilplc.com

Global Snapshot

Heritage Oil is an oil and gas exploration and production company listed on the Toronto and London stock exchanges. The company owns producing assets in Russia, exploration projects in the Kurdistan region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali, as well as an investment in Libya.[5]

The company was founded in 1992 and was initially formed to hold interests in offshore Angola. In 1997 it was awarded interests in onshore Congo and went on to discover the M'Boundi Field in 2001, which brought substantial gains.[6] According to the UK's Independent newspaper, Heritage has a history of moving early into unstable, oil-rich regions that pose significant personal and operational risks, such as Uganda and Kurdistan. The company was thought to be the first foreign oil company to enter Libya after the 2011 uprising when it announced it had acquired small Benghazi-based services company Sahara for $19.5 million in October 2011.[7]

Company Report Highlights

In 2013 production from Hertiage's onshore concession OML 30 in Nigeria increased and a record gross production since acquisition, of over 50,000 bopd has been achieved. In Tanzania Heritage continued it's work programme through processing of 2D seismic data on the Rukwa licence which has identified several prospects in the retained Rukwa South licence area. Moreover a geochemical survey of the Kyela licence has been completed and interpretation of the data is proceeding to schedule. Total revenues, net to Heritage, for 2013 was $431.9 million and profit after tax from continuing operations of $100.4 million, which is an increase of 104% year-on-year. [8]

Official Accreditations and Global Perceptions

EITI Supporter Status

As of June 2015, Heritage was not one of the supporting companies of EITI.

UN Global Compact

As of June 2015, Heritage was not a member of the UN Global Compact.

CSR Review

Heritage's Annual Report 2013 highlights the following as achievements in corporate social resonsibility:

  • A total of UAS $5,3 million was spent on CSR related activities in 2012;
  • Community projects implemented through health, education and social programme investments across all operating regions;
  • Zero Lost Time Incidents or fatalities across all operations;
  • Adhered to mandatory reporting of Greenhouse Gas emissions.[9]

External Coverage

  • Prior to founding Heritage, CEO Tony Buckingham was a partner at private security firm Executive Outcomes. Buckingham transformed Heritage from a company valued at $15 million on the Toronto Stock Exchange in 1998 to a FTSE 250 company valued at $1.1 billion in 2011. As of early 2011 he owned 30% of the group through his investment vehicle Albion Energy.[10]
  • In September 2011 the UK-based Petroleum Economist reported that the Libyan National Transitional Council (NTC) had been approached by individuals linked to Heritage Oil seeking a contract to provide security at Libyan oil fields. However the request was rejected by the chairman of Libya's National Oil Corporation (NOC), who called the offer "not acceptable". It was also reported that the firm had been lobbying UK Foreign secretary William Hague for support.[11]
  • In February 2014 the shares of Heritage Oil skyrocketed after a report on massive production increases at the firm's OML 30 well in Nigeria, as well as the successful conclusion of tax rebate negotiations in the country. [12]
  • In April 2014 Heritage Oil agreed a $1.6 billion takeover offer from a fund owned by the former chief executive of Qatar's sovereign wealth fund. [13]

Global Operations by Country


Main article: Heritage Operations in Iraq


Main article: Heritage Oil Operations in Uganda


Main article: Heritage Oil in Tanzania


  1. Annual Report 2022", Heritage Oil.
  2. Annual Report 2013", Heritage Oil.
  3. Annual Report 2013", Heritage Oil.
  4. Annual Report 2013", Heritage Oil.
  5. [About Heritage", Heritage Oil, retrieved 22 December 2011.
  6. [2010 Annual Report", Heritage Oil, 2011.
  7. [Heritage plants UK flag in Libya with takeover of Sahara Oil", Independent, 5 October 2011. Libyan authorities later denied that the sale had taken place
  8. Annual Report" Heritage Oil, retrieved 30 April 2015
  9. [Annual CSR Report 2013", Heritage Oil, 2013.
  10. [Profile: Tony Buckingham, chief executive of Heritage Oil", Telegraph, 26 January 2011.
  11. [UK Firm Lobbies Hague over Libya Security Deal", Petroleum Economist, 26 January 2011.
  12. Heritage Oil boosts hopes of a dividend as production rises", "CITYA.M.", retrieved 4 June 2015.
  13. Qatari fund buys Heritage Oil for $1.6 billion", "Reuters", retrieved 4 June 2015.