Heritage Oil

What Heritage Oil does

Heritage Oil Limited is a privately-held, independent international oil and gas exploration and production company headquartered in St. Helier, Jersey, with a small operating team of 11-50 employees and subsidiaries in Nigeria, Ghana, Papua New Guinea, and the United Kingdom. The company was founded in 1992, acquired by Energy Investments Global Ltd in 2014, and is led by a senior management team drawn from major international oil companies and oilfield service firms including BP, Equinor, ConocoPhillips, Schlumberger, Baker Hughes, GE, and Eni.

The company's asset portfolio is split between one producing asset and three exploration plays. Its sole cash-generating asset is OML 30 in the Niger Delta, Nigeria — a 1,097 km² licence containing eight producing fields with oil and gas in up to 40 stacked reservoirs per field, serviced by nine flow stations and the 600,000 bpd Trans Forcados Pipeline. Crude produced from OML 30 is light-to-medium sweet (22-38° API) and commands a 2%+ premium to Brent. Heritage operates the OML 30 joint venture through its subsidiary Heritage Energy Operational Services Limited (HEOSL) alongside partners NNPC E&P Ltd and Shoreline Natural Resources Limited. The exploration portfolio comprises the Offshore South West Tano (OSWT) block and the East Keta block in Ghana, covering approximately 175 km² and 2,239 km² respectively in water depths up to 3,500m, and the PPL437 and PPL676 licences in Papua New Guinea, covering over 3,000 km² onshore Western Province with multiple leads and prospects.

The business model is B2B and direct, generating revenue primarily through crude oil sales from OML 30 and pipeline tariff revenue from TFP throughput, with future revenue contingent on successful exploration drilling in Ghana and PNG. Customer engagement is exclusively through joint venture arrangements with national oil companies (NNPC, GNPC) and indigenous partners (Shoreline Power, Blue Star), and there is no consumer-facing product or pricing model. Operations are governed by production-sharing and licence terms negotiated directly with host governments in three jurisdictions.

Name

Heritage Oil

Legal name

Heritage Oil Limited

Website

https://heritageoilltd.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Heritage Oil is a private, independent international oil and gas exploration and production company operating OML 30 in Nigeria (producing) alongside exploration assets in Ghana and Papua New Guinea, generating revenue through crude oil sales and pipeline tariffs via joint ventures with national oil companies.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (211120), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

akta.pro secondary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

Keywords

• Oil and gas exploration
• Upstream petroleum production
• Hydrocarbon exploration assets
• Offshore energy development
• Crude oil production

Headquarters

HQ city

St. Helier

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Oil and Gas Production Sales: Heritage generates revenue through the sale of crude oil and natural gas produced from its OML 30 asset in Nigeria. The company sells oil at premium prices (22-38° API quality selling at over 2% premium to Brent) and benefits from pipeline infrastructure (TFP pipeline with 600,000 bpd capacity) providing additional tariff revenue.
2. Exploration Asset Development: Revenue potential from successful exploration in Ghana (OSWT, East Keta blocks) and Papua New Guinea (PPL437, PPL676) through development and production sharing arrangements with joint venture partners.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Heritage Oil is an independent, private upstream oil and gas company that explores, develops and produces hydrocarbons from a diversified international portfolio. Core activities centre on operating the OML 30 producing asset in the Niger Delta through its subsidiary HEOSL, alongside high-impact exploration in Ghana (OSWT, East Keta) and Papua New Guinea (PPL437, PPL676). Revenue is generated primarily from the sale of crude oil and natural gas produced at OML 30, supplemented by pipeline tariff income and potential future production from exploration assets.

Product overview

Heritage Oil is an independent oil and gas exploration and production company with a portfolio of quality assets. The company operates a producing asset in Nigeria (OML 30) and exploration assets in Ghana (OSWT and East Keta blocks) and Papua New Guinea (PPL437 and PPL676). OML 30 is a world-class Niger Delta asset with eight producing fields and extensive infrastructure, while the exploration portfolio offers high-impact opportunities in proven hydrocarbon basins.

Differentiator

Problem solved

Functional benefit

Products and services

• OML 30 (Niger Delta Asset) World-class producing asset in the Niger Delta comprising eight producing fields with oil and gas in up to 40 stacked reservoirs. Located onshore covering 1,097 square kilometres with infrastructure including nine flow stations and access to the 600,000 bpd TFP pipeline. Operated by Heritage Energy Operational Services Limited (HEOSL) under joint venture with NNPC E&P Ltd and Shoreline Natural Resources Limited. Crude oil quality of 22-38° API commands over 2% premium to Brent.
• Offshore South West Tano (OSWT) High-impact exploration licence covering approximately 175 square kilometres in water depths of 1,300m offshore Ghana. Heritage holds 39.6% working interest alongside Blue Star (39.6%), GNPC (12%) and GNPC Explorco (8.8%). Features prospects including Edinam and Mansonia in a proven hydrocarbon basin.
• East Keta Block Frontier exploration licence covering approximately 2,239 square kilometres in ultra-deep water (2,500-3,500m). Heritage holds 38.7% interest. Located approximately 100km from the Ghana coast with proven petroleum systems adjacent to giant fields.
• PPL437 & PPL676 (Papua New Guinea) Highly prospective exploration licences covering over 3,000 km² in Western Province, onshore PNG. Heritage holds 100% equity. Features the Malisa prospect with ~2 Tcf GIIP and additional leads estimated at 4.5 Tcf. Located in proven hydrocarbon fairways near existing LNG infrastructure and adjacent to nearby discoveries (~4.3 Tcf GIIP at P'Nyang, ~1 Tcf at Elevala/Ketu, ~400 Bcf at Stanley).
• Crude Oil and Natural Gas Production (OML 30) Sale of crude oil (22-38° API quality, premium to Brent) and natural gas produced from the eight producing fields at OML 30. Heritage also benefits from pipeline tariff revenue from the TFP pipeline (600,000 bpd capacity) for third-party infrastructure access.

Quantifiable outcome

• Production growth achieved through rehabilitation, upgrade, and optimisation activities at OML 30 since 2017
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered major and core.

• Blue StarmajorStrategic or Co-development Partner · 1 January 2014Blue Star holds 39.6% working interest alongside Heritage in the Offshore South West Tano (OSWT) block in Ghana. OSWT is operated by the OSWT & EK Operating Company partnership structure.
• GNPC (Ghana National Petroleum Corporation)majorStrategic or Co-development Partner · 1 January 2014GNPC holds 12% interest (with 8.8% through GNPC Explorco) in the OSWT block, providing the state petroleum corporation's participation in the exploration and potential development of Ghanaian hydrocarbon resources.
• OSWT & EK Operating CompanymajorStrategic or Co-development Partner · 1 January 2014The operating company for the Offshore South West Tano block, comprised of Heritage (39.6%), Blue Star (39.6%), GNPC Explorco (8.8%), and GNPC (12%), managing exploration activities and future development of the Ghanaian offshore assets.
• NNPC Exploration and Production Limited (NNPC E&P Ltd)coreStrategic or Co-development PartnerNNPC E&P Ltd is a joint venture partner with Heritage in OML 30, the world-class Niger Delta asset. Heritage operates the joint venture through its subsidiary HEOSL, with NNPC holding the national petroleum company stake in this production-sharing arrangement.
• Shoreline Natural Resources Limited (SNRL)coreStrategic or Co-development PartnerSNRL is the joint venture partner alongside NNPC E&P Ltd in the OML 30 asset. Created in partnership with Nigerian company Shoreline Power, SNRL represents an indigenous company platform for growth in Nigeria's oil and gas sector.
• Shoreline PowercoreStrategic or Co-development PartnerShoreline Power partnered with Heritage to create Shoreline Natural Resources Limited, establishing an indigenous company platform for participation in Nigeria's oil and gas sector.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• BP: Global supermajor with material upstream operations including significant West Africa exposure and deepwater exploration capability. Provides strategic comparison as a counterparty/partner-type player in the same basins where Heritage operates.

Direct peers

• Kosmos Energy: Independent E&P with material Ghana (Jubilee, Greater Tortue Ahmeyim) and Equatorial Guinea production plus exploration pipeline. Closely comparable in business model, asset scale, and West Africa focus.
• Tower Resources: Small-cap exploration-focused E&P with assets in Africa and elsewhere. Comparable to Heritage's exploration-heavy portfolio, similar scale, and shared strategy of targeting overlooked/early-entry opportunities.
• EnQuest: Independent E&P with producing assets in the UK North Sea and Malaysia. Comparable mid-cap independent profile with both production and development/exploration activities.
• SOCO International: International upstream independent historically focused on Africa and Asia with producing and exploration assets. Comparable size, asset mix (production plus exploration), and frontier-market strategy.
• Genel Energy: Independent upstream E&P with operations in Kurdistan Region of Iraq and Africa. Comparable independent model, asset scale, and frontier-market exposure (though in a different region).
• Panoro Energy: Small-cap independent E&P focused on West Africa (Equatorial Guinea, Gabon, Tunisia) with both producing and near-term development assets. Similar size, independent model, and West Africa/North Africa orientation.
• Tullow Oil: West Africa-focused independent E&P with significant Ghana operations (Jubilee, TEN). Similar independent upstream model, comparable scale, and overlapping geographic and geological exposure, making Tullow a directly comparable peer for Heritage's Ghana and Nigeria assets.
• Africa Energy Corp: Exploration-focused independent with exposure to South Africa and West Africa (including indirect interest in Block 11B/12B adjacent to Heritage's Ghana blocks). Similar size and exploration-stage profile.
• Ophir Energy: Small-mid cap upstream E&P with international exploration and production focus. Similar scale and overseas operating footprint, and shared heritage of management talent (Heritage's General Counsel was previously Ophir's).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/heritage-energy-operational-services-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heritage Oil