Heritage Energy Operational Services Limited (HEOSL), the operator of OML 30, Delta State, has resumed operations after a faceoff with OML 30 host communities, reaffirming its commitment to its obligations and mutual relationship with the communities.
The oil firm in a statement appreciated the phased resumption of production after the shutdown was called off by the majority of the host community stakeholders on the 20th of November 2020.
Heritage also thanked the Joint Venture Partners for their support and involvement in resolving the shutdown.
The statement read in part: ”The decision by the community stakeholders to call off the shutdown was largely influenced by the significant progress made by the company in meeting its commitments to the host communities, which include; Inauguration of the GMoU Contracts Committee.
“Commitment to release additional GMoU funds, tangible progress with the award of contracts to community contractors in line with the GMOU, Payment of a large number of community contractor creditors.
”The economic downturn and the resultant drop in oil prices is the major reason for the company’s current cash flow challenges. Despite this, the company continues to work steadfastly to secure inflows of funds, to settle the balance of outstanding commitments.
”The Company remains confident that it will continue to be able to meet its obligations and contribute to the local and national economy and reminds the community stakeholders that HEOSL’s financial position is dependent on its ability to maintain production.
“This means shutdowns are not in the best interests of the company, the communities, the JV Partners or the Federal Government of Nigeria.
”The company expressed its appreciation to the leadership of the community for rejecting calls that the company should be removed from the management of OML30 because of their conviction that despite the challenges, HEOSL remains a preferred partner for the operatorship of the asset.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
ICYMI: CBN Lists Business Activities Eligible For N75bn Youth Investment Fund
THE Central Bank of Nigeria (CBN) has revealed main business activities and sectors in the Nigerian economy that are eligible to access its N75 billion Youth Investment Fund…Heritage Energy resumes operation Heritage Energy resumes operation
#EndSARS: Fr Mbaka Asks Buhari, Past Leaders To Apologise To Nigerians
Controversial Catholic priest and Spiritual Director of Adoration Ministry, Enugu, Nigeria, (AMEN), Rev Fr Ejike Mbaka, has taken a swipe at President Muhammadu Buhari and past leaders of the country demanding that the President should apologize to the country, especially the youth, on behalf of himself and his predecessors, for causing Nigerians so much pain…Heritage Energy resumes operation Heritage Energy resumes operation