- Oil production doubled, and gas supply tripled without new drilling or facilities.
- Strong safety record, financial discipline, and Nigerian-led workforce underpin growth.
Heirs Energy’s production growth has reshaped Nigeria’s upstream energy landscape over the past five years. From the outset, the company positioned itself as a long-term partner in national energy security. Consequently, it has sustainably doubled oil production from below 25,000 barrels per day to more than 50,000 barrels per day.
At the same time, the company delivered significant gas expansion. Gas output increased from under 50 million standard cubic feet per day to above 120 million. As a result, gas supplied to the domestic market rose from 30 million to over 100 million. Therefore, electricity generation supported by this supply expanded from under 100 megawatts to more than 325 megawatts.
These milestones coincided with five years of operatorship of Oil Mining Lease 17. Heirs Energies acquired a 45 per cent stake in OML 17 in January 2021 for $1 billion. Subsequently, it assumed operatorship ahead of schedule in July 2021. From inception, the company operated safely, recording zero fatalities and no lost time injuries. This record reflects its embedded safety culture, known internally as “Everyone is a Safety Officer.”
According to the company, the five-year milestone reflects delivery rather than time passed. Moreover, it confirms a belief that African capital and expertise can manage complex assets responsibly. Over time, execution validated this conviction across operations and partnerships.
Notably, the company achieved growth without drilling new wells or building new facilities. Instead, it restored legacy assets through its Brownfield Excellence methodology. Through this approach, it reactivated around 100 dormant wells. Additionally, it sustained 65-year-old pumps at more than 85% uptime.
Heirs Energies also contributed to national efforts against crude oil theft. Consequently, terminal delivery recovered from as low as three per cent in late 2021 to over 95 per cent since 2025. In parallel, the company delivered strong cost performance. It ranked among Nigeria’s top operators for production growth between 2020 and 2024. At the same time, it remained one of the three lowest-cost producers.
Financial discipline further strengthened credibility. Therefore, the company consistently met all lending obligations. This performance culminated in a 750 million dollar refinancing with Afreximbank. In addition, Heirs Energies acquired a 20 per cent equity stake in Seplat Energy Limited in 2025, becoming its largest single shareholder.
People development also remained central. The company built a wholly Nigerian workforce combining experience with emerging talent. Consequently, this team delivered industry-leading outcomes through collaboration and discipline. Looking ahead, Heirs Energies’ production growth continues to reflect Africapitalism in action, where economic value aligns with social impact and national development.