Heirs Energies, Africa’s largest indigenous-owned energy corporation run by Nigerian businessman Tony Elumelu, has raised daily oil production from 27,000 in 2021 to 40,000 barrels per day (bpd).
The achievement comes only three years after the company’s inception, demonstrating its commitment to sustainable energy methods and community engagement. Elumelu, the chairman of Heirs Energies, expressed his satisfaction with the accomplishment.
Reflecting on his vision for Heirs Energies, Elumelu stated, “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”
Heirs Energies, the sole operator of OML 17 in Nigeria’s Niger Delta, was established in January 2021. Tony Elumelu, who also heads Heirs Holdings, Transcorp Nigeria Plc, and United Bank for Africa Plc, has led the company to success through smart acquisitions and operational excellence.
The acquisition of oil license OML17 involved an eight-year, $1.2-billion process, establishing joint venture agreements with significant industry participants. At a key point in Nigeria’s efforts to maximize oil output, Heirs Energies’ feat of raising oil production from 27,000 to 40,000 bpd is very noteworthy.
In addition to its success in the oil sector, Heirs Energies has expanded into gas production, quickly becoming a significant contributor to Nigeria’s domestic gas supply. All of the company’s gas is routed to the domestic market, where it meets local demand, provides energy to houses, supports power plants, and benefits the region’s many gas-reliant sectors.
Elumelu praised Heirs Energies’ dedicated team for their hard work, devotion, and experience, highlighting Managing Director and CEO Osa Igiehon’s leadership in transforming the company into an energy sector role model.
Elumelu expressed deep gratitude to the team, stating, “Your hard work, dedication, and expertise have enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.”
