Heritage Oil

=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.

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. 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.

Company Report Highlights
The sale of Ugandan assets left Heritage with a strong balance sheet for 2011. Following the completion of the sale of the assets, the company paid a special dividend to shareholders and bondholders of 100 pence per share.

Over 2010 petroleum revenue increased by 85%, thanks to a $1.25 million increase in sales volumes and an increase in average commodity prices.

During 2010 Heritage discovered the largest gas field in Iraq in the last 30 years, achieved nearly a twelve-fold increase in contingent resources and completed 3D seismic acquisition in offshore Tanzania. Production in Russia also increased by 65% in 2010.

=Official Accreditations and Global Perceptions=

EITI Supporter Status
As of December 2011, Heritage was not one of the supporting companies of EITI.

UN Global Compact
As of December 2011, Heritage was not a member of the UN Global Compact.

CSR Review
Heritage's Annual Report 2010 highlights the following as achievements in corporate social resonsibility:


 * In 2010 a Board-level CSR Committee was established, in order to regularly review community involvement.
 * A total of $945,991 was spent on CSR related activities in 2010.
 * The company continued with an excellent health and safety record with no lost time incidents or fatalities.
 * Programmes were continued in Uganda with the completion of the water gravity system in Hoima, providing clean water to over 6000 villagers across five villages and continued support to the Carl Nefdt School. Programmes on this model also progressed in Kurdistan and Tanzania.

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.


 * 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.

=Global Operations by Country=

Iraq
"Main article: Heritage Operations in Iraq"

Uganda
"Main article: Heritage Oil Operations in Uganda"

=References=