By Izuchukwu Mayor, Lagos
Heirs Energies has ascribed its successes thus far since assuming operatorship of oil mining lease (OML) 17 to discipline, resilience, and long-term intent.
The indigenous oil firm said this yesterday, which marls the fifth anniversary of its “taking responsibility for one of Nigeria’s most complex brownfield assets…”
It also noted that “this milestone is not defined by the passage of time, but by what has been delivered.”
Underlining its stewardship, the company said in a statement that Heirs Energies was built on a clear conviction that: African capital, leadership, and expertise can responsibly operate strategic energy assets, deliver performance, and contribute meaningfully to national development.
Over the past five years, it added, this conviction has been tested-and proven-through execution.
African capital, leadership, and expertise can responsibly operate strategic energy assets, deliver performance, and contribute meaningfully to national development.
A snapshot of some of the milestones that have defined the first five years, according to the company, include:
- Acquisition & Operatorship – Acquired 45% of OML 17 on 15 January 2021 for US$1 billion and assumed operatorship ahead of plan on 1 July 2021.
- Safety Leadership – Operated safely since inception with zero fatalities and no Lost Time Injuries (LTI), underpinned by our proprietary safety culture, “Everyone is a Safety Officer.”
- Oil Production Growth – Sustainably doubled oil production from less than 25 kbopd to over 50 kbopd, supporting Nigeria’s energy security.
- Gas Growth & Power Impact – Doubled gas production from under 50 MMSCF/d to over 120 MMSCF/d, tripling gas supplied into the domestic market from 30MMSCF/d to over 100 MMSCF/d and enabling electricity generation to grow from less than100 MW to over 325 MW.
- Brownfield Excellence – Achieved growth without drilling new wells or building new facilities, through rigorous restoration of legacy assets using our proprietary Brownfield Excellence methodology, including the reactivation of approximately 100 dormant wells and sustained operation of 65-year-old pumps at over 85% uptime.
- Crude Theft Response – Catalysed a country-level response to crude oil theft, contributing to a dramatic recovery in terminal delivery from as low as 3% in December 2021 to over 95% since 2025.
- Cost & Performance Leadership – Ranked among operators in Nigeria as delivering the highest oil production increase between 2020–2024, while remaining one of the top three lowest-cost operators.
- Financial Discipline & Credibility – Established a strong track record with local, regional, and global lenders, fulfilling all lending obligations without fail, culminating in a US$750 million refinancing with Afreximbank.
- Strategic Expansion – Acquired a 20% equity stake in Seplat Energy Limited at the end of 2025, becoming the company’s largest single shareholder.
- People & Capability – Built a 100% Nigerian workforce with top-quartile capability and culture, combining experienced professionals with a new generation of talent delivering industry-leading outcomes.
“These outcomes were achieved through disciplined execution, strong partnerships with government and regulators, the confidence and support of our financiers, deep engagement with host communities, and the unwavering commitment of our people,” the statement said.
It added that this journey reflects the long-term vision of the Heirs Energies Chairman, Tony Elumelu, and stands as a practical demonstration of Africapitalism in action – where African enterprises deliver economic value, social impact, and national development in parallel.
