Heirs Energies today marks five years since it assumed operatorship of OML 17, taking responsibility for one of Nigeria’s most complex brownfield oil and gas assets and committing to steward it with discipline, resilience, and long-term intent.
This milestone is not defined by the passage of time, but by measurable delivery.
Founded on a clear conviction—that African capital, leadership, and technical expertise can responsibly operate strategic energy assets while contributing meaningfully to national development—Heirs Energies has spent the last five years translating vision into execution. That conviction has been tested and proven through performance.
Five Years of Delivery: Key Milestones
- Acquisition & Operatorship
Heirs Energies acquired a 45% interest in OML 17 on 15 January 2021 for US$1 billion and assumed operatorship ahead of schedule on 1 July 2021. - Safety Leadership
The company has operated safely since inception with zero fatalities and no Lost Time Injuries (LTI), anchored by its proprietary safety culture, “Everyone is a Safety Officer.”
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- Oil Production Growth
Oil production was sustainably doubled from below 25,000 barrels per day to over 50,000 barrels per day, strengthening Nigeria’s energy security. - Gas Growth and Power Impact
Gas production more than doubled from under 50 MMSCF/d to over 120 MMSCF/d. Domestic gas supply increased from 30 MMSCF/d to over 100 MMSCF/d, enabling power generation to rise from below 100 MW to more than 325 MW. - Brownfield Excellence
Growth was achieved without drilling new wells or constructing new facilities. Through its proprietary Brownfield Excellence methodology, Heirs Energies restored legacy assets, reactivated approximately 100 dormant wells, and sustained operations of 65-year-old pumps at over 85% uptime. - Crude Theft Response
The company catalysed a coordinated, country-level response to crude oil theft, contributing to a dramatic recovery in terminal delivery from as low as 3% in December 2021 to consistently above 95% since 2025. - Cost and Performance Leadership
Between 2020 and 2024, Heirs Energies ranked among Nigeria’s top operators for oil production growth, while remaining one of the three lowest-cost producers in the sector. - Financial Discipline and Credibility
The company established strong credibility with local, regional, and international lenders, meeting all financial obligations and successfully completing a $750 million refinancing with Afreximbank. - Strategic Expansion
In December 2025, Heirs Energies acquired a 20% equity stake in Seplat Energy Limited, emerging as the company’s largest single shareholder. - People and Capability
Heirs Energies built a 100% Nigerian workforce with top-quartile capability and culture, blending experienced professionals with a new generation of talent to deliver industry-leading results.
Africapitalism in Action
These achievements were driven by disciplined execution, strong partnerships with government and regulators, the confidence of financiers, deep engagement with host communities, and the unwavering commitment of its people.
The journey reflects the long-term vision of the Chairman, Tony O. Elumelu, CFR, and stands as a practical demonstration of Africapitalism in action—where African enterprises deliver economic value, social impact, and national development in parallel
