Five years after assuming operatorship of Oil Mining Lease (OML) 17, Heirs Energies is marking a milestone defined not merely by time, but by delivery, discipline and measurable outcomes across one of Nigeria’s most complex brownfield assets.
The company took over OML 17 in January 2021, acquiring a 45 per cent stake for US$1 billion and assuming operatorship ahead of schedule on July 1, 2021. From the outset, Heirs Energies anchored its strategy on a clear conviction: that African capital, leadership and technical expertise can responsibly manage strategic energy assets, deliver strong performance and contribute meaningfully to national development. Five years on, the company says that conviction has been tested and proven through execution.
Central to this journey has been a strong safety culture. Heirs Energies reports zero fatalities and no Lost Time Injuries (LTI) since inception, a record it attributes to its proprietary safety philosophy, “Everyone is a Safety Officer.”
Operationally, the company says it has delivered significant production growth. Oil output has been sustainably doubled from below 25,000 barrels per day to over 50,000 barrels per day, while gas production has increased from under 50 million standard cubic feet per day (MMSCF/d) to more than 120 MMSCF/d. Gas supplied to the domestic market has risen from about 30 MMSCF/d to over 100 MMSCF/d, supporting power generation growth from less than 100 megawatts to more than 325 megawatts.
Heirs Energies said these gains were achieved without drilling new wells or constructing new facilities. Instead, growth was driven by its proprietary Brownfield Excellence methodology, which focused on restoring and optimising legacy assets. This included the reactivation of approximately 100 dormant wells and the sustained operation of pumps that are over 65 years old, delivering more than 85 per cent uptime.
The company also highlighted its role in tackling crude oil theft, noting that it helped catalyse a coordinated, country-level response to the challenge. As a result, terminal delivery levels reportedly recovered from as low as three per cent in December 2021 to over 95 per cent from 2025.
In terms of industry positioning, Heirs Energies said it ranks among Nigerian operators with the highest increase in oil production between 2020 and 2024, while remaining one of the three lowest-cost producers in the country.
Financial discipline has been another defining feature of the company’s five-year journey. Heirs Energies said it has maintained strong credibility with local, regional and international lenders, meeting all its financial obligations and culminating in a US$750 million refinancing with Afreximbank. The company also disclosed that it acquired a 20 per cent equity stake in Seplat Energy Limited at the end of 2025, making it the company’s largest single shareholder.
Beyond assets and balance sheets, Heirs Energies said it has built a 100 per cent Nigerian workforce, blending experienced professionals with a new generation of talent to deliver top-quartile operational and cultural performance.
According to the company, these outcomes were enabled by disciplined execution, strong partnerships with government and regulators, the confidence of financiers, sustained engagement with host communities, and the commitment of its people.
Heirs Energies said the five-year journey reflects the long-term vision of its Chairman, Tony O. Elumelu, CFR, and stands as a practical demonstration of Africapitalism in action—where African enterprises simultaneously deliver economic value, social impact and national development.I prefer this response
