- Heirs Energies was launched when Tony Elumelu completed a $1.2bn transaction to acquire oil license OML17 from Shell, Total, ENI, and NNPC.
- Heirs Energies commenced gas production, and 100% of the gas produced goes into the domestic market to meet local demand.
Heirs Energies, Africa’s indigenous-owned integrated energy company, has boosted its daily oil production to 40,000 barrels per day from 27,000 bpd in 2021. A statement issued by the Head of External Relations, Chidimma Ugbojiaku, to mark the company’s third anniversary highlighted the company’s achievements in implementing a significant increase in production, pioneering a new community engagement model, and building a world-class Nigerian management team.
Heirs Energies was launched in January 2021 after its founder, Tony Elumelu, completed an eight-year $1.2bn transaction to acquire oil license OML17 from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI, and solidifying the joint venture partnership with the NNPC. The Chairman of Heirs Energies, Elumelu, expressed satisfaction while reflecting on his vision for Heirs Energies. The firm listed some of the feats of the last three years, stating, “Heirs Energies’ oil production has surged from 27,000 to 40,000 barrels a day.
“Theft and losses, which reached a peak of 97 per cent in late 2021, have now been reduced to less than 15 per cent. Heirs Energies commenced gas production and has rapidly become an important contributor to the domestic gas supply in Nigeria. One hundred per cent of the gas produced goes into the domestic market to meet local demand. Over 300 young people have been empowered through skill acquisition programmes, while the electrical infrastructure upgrades across host communities have impacted a population of over 270,000 people.”