New license agreement for Heritage creates 96K-hectare exploration and production block

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    A new license agreement for Heritage Petroleum is set to bring in close to $100 million in payments to government over 6 years.

    According to the company, its new license combines the previous Trinmar area and the North Marine area for which licenses expired in November 2019.

    This, it says, creates a single block of just over 96,000 hectares of offshore acreage, making it the single largest offshore exploration and production block on the west coast.

    The new license was executed at a signing ceremony held today at the Ministry of Energy’s Tower C office at the International Waterfront Centre.