The Name “HERITAGE” was initially chosen by the Late Professor Uche Uko Uche (the pioneer chairman of the Company), an international lawyer and businessman who hailed from Ohafia in Abia state Nigeria.
Our history in Nigeria dates back to 1998 when the first directors and subscribers of the Company (Messers Fati Ladidi, Prof. Uche Uko Uche, Salome U. Akusu, Casimir Akagbosu, Edward Okoeguale and Stanley Okwuonu) came together to form a special purpose vehicle (SPV) for the purpose of acquiring an oil block from the Federal Government of Nigeria. When the decision to incorporate the SPV was mooted, the name Heritage resonated with every one and the founders of the Company embraced the name unequivocally thus heralding the birth of ‘Heritage Oil and Gas Company (Nigeria) Limited’ on the 30th day of November 1998.
Each subscriber brought their special skills to the table to ensure a successful take off. The Company applied to the Nigerian Government through the Ministry of Petroleum Resources for an oil acreage in 1998. The application was successful and OPL 247 was awarded to the Company by the Federal Government of Nigeria, on sole risk basis.
In 1999, Chief Olusegun Obasanjo who emerged the President of the Federal Republic of Nigeria, (following the recommendations of the Christopher Kolade panel of inquires he set up) announced the cancellation of OPL 247 and other oil blocks previously awarded by the Federal Government between January 1999 and 29th May 1999. This led to the revocation of OPL 247 by the Federal Government of Nigeria. The Company challenged this revocation at the Federal High Court in Lagos, and the litigation that ensued led to a settlement agreement with the Federal Government in 2004. With the settlement agreement and release of claims signed by the parties, the OPL 247 was restored to the Company and its signature bonus was duly paid.
The Company set up operations from its office at Western House (7th Floor) 8/10 Broad Street Lagos and later moved its office to 37 Norman Williams Street Ikoyi Lagos.
At inception, the Company had Star Ultra Deep Limited (a subsidiary of Chevron Oil Corporation), as technical partners. Subsequently, Exxon Mobil Oil Corporation farmed into the Company as its technical partners.