- Heirs Energies at five years demonstrates disciplined growth in Nigeria’s oil and gas sector.
- The company has doubled production, expanded gas supply, and strengthened national energy security.
Heirs Energies recently celebrated five years since assuming operatorship of OML 17. The company took responsibility for one of Nigeria’s most complex brownfield assets. During this period, it approached its mandate with discipline, resilience, and long-term intent. Importantly, this milestone reflects what the company has delivered, not just the passage of time.
From the start, Heirs Energies was founded on the conviction that African capital, leadership, and expertise can operate strategic energy assets responsibly. The company aimed to deliver a strong performance while making meaningful contributions to national development. Over the past five years, this conviction has been tested and proven through consistent execution.
The company acquired a 45% stake in OML 17 on January 15, 2021, for US$1 billion. It assumed operatorship ahead of schedule on July 1, 2021. Since taking over, Heirs Energies has prioritised safety. The company achieved zero fatalities and no Lost Time Injuries (LTI) under its proprietary safety culture, “Everyone is a Safety Officer.” Consequently, it has created a secure working environment while maintaining operational efficiency.
Heirs Energies doubled oil production from less than 25,000 barrels per day (bpd) to over 50,000 barrels per day (bpd). At the same time, it increased gas production from under 50 MMSCF/d to over 120 MMSCF/d. This growth tripled domestic market supply from 30 MMSCF/d to more than 100 MMSCF/d. As a result, electricity generation rose from below 100 MW to over 325 MW.
Remarkably, the company achieved this growth without drilling new wells or building additional facilities. Using its proprietary Brownfield Excellence methodology, Heirs Energies reactivated approximately 100 dormant wells and operated 65-year-old pumps at an uptime rate of over 85%. Furthermore, it catalysed a national response to crude theft, increasing terminal delivery from just 3% in December 2021 to over 95% since 2025.
Financial discipline remained central to success. Heirs Energies met all obligations to local, regional, and global lenders. This included a US$750 million refinancing with the African Export-Import Bank (Afreximbank). Strategic expansion included acquiring a 20% stake in Seplat Energy Limited, making it the company’s largest single shareholder. Additionally, the company built a 100% Nigerian workforce. It combines experienced professionals with emerging talent, delivering top-quartile performance and a strong corporate culture.
These achievements reflect the long-term vision of Chairman Tony O. Elumelu, CFR. They exemplify Africapitalism in action, where African enterprises generate economic value, social impact, and national development simultaneously. As Heirs Energies marks its fifth year, it celebrates past successes while focusing on accelerated growth and future opportunities.