Heirs Energies: From 97% Production Loss to Charting Nigeria’s Integrated Energy Future

Nigeria is a nation defined by resilience and tenacity. Instead of retreating in the face of challenges, we must push forward. That is the only way to secure our economic future — Osa Igiehon, CEO – Heirs Energies

 

For Osa Igiehon, Chief Executive Officer of Heirs Energies, it is clear: Africa, and Nigeria in particular, cannot afford to leave its hydrocarbons in the ground while the world still values them.

“Reserves are important, but production is what creates value,” he insisted. “The real question is: are we producing enough to monetise these resources before they lose value?”

Igiehon, a man who has spent three decades navigating oil and gas boardrooms and fields. made this emphasis yesterday, August 28, while addressing a roomful of select energy correspondents. Not to mark a milestone but to tell the story of Heirs Energies and its journey to becoming Nigeria’s foremost integrated energy company.

It is a story borne of grit, resilience, tenacity and shadowing it all; vision. Reads like a movie, right? Wrong. It could all have gone so wrong but the journey of Heirs mirrors Nigeria’s turbulent energy journey.

Since its 2021 acquisition of OML 17, Heirs Energies—part of the Heirs Holdings Group led by Tony Elumelu—has embodied what many policymakers have long advocated: greater indigenous ownership in Nigeria’s oil and gas industry.

By positioning itself as both operator and partner to government, the company has reframed what is possible for Nigerian firms in a space long dominated by international oil companies.

But it came with major threats.

Rampant pipeline sabotage reduced deliveries to just three percent at the terminal. The CEO described it as a “near-death experience”; not just for Heirs Energies, but for the entire industry.

 

 

According to Chief Financial Officer (CFO), Sam Nwanze, “When we took over OML 17 in 2021, many doubted us. Within 100 days, we reactivated several wells and almost doubled production. We even brought back a well that had been shut for 37 years. Nothing was wrong technically—it was security and operational challenges. By fixing those, we proved what resilience can achieve,” he said

For Nwanze, the formula behind Heirs Energies’ achievements rests on three pillars: people, partnerships, and governance. “We have deliberately assembled the best talent in the industry and developed them to world-class standards. Our stakeholders, including regulators, communities, and the press, are not just audiences; they are partners in this journey. And we see governance not as bureaucracy, but as a value creator that sustains performance,” he explained.

Gas is where Heirs Energies is staking its boldest claim. Unlike peers that often see export markets as the prize, the company has tethered its strategy to Nigeria’s domestic economy. Between 85 and 90 percent of its gas output feeds local industries and power plants, including Trans Afam, Geometric, and industrial clusters around Port Harcourt.

“None of our gas is exported,” Igiehon said firmly. “All of it goes into Nigeria’s economy—powering homes, industries, and businesses. We are very proud of that.”

In a country where epileptic power cripples competitiveness, such commitment offers a model of how gas can fuel local transformation rather than global profits alone.

Heirs Energies plans to double its oil production by 2030, expand gas infrastructure to power more homes and industries, and pursue innovation-driven sustainability initiatives.

By positioning itself as both operator and partner to government, the company has reframed what is possible for Nigerian firms in a space long dominated by international oil companies.

As Nigeria grapples with the paradox of meeting rising domestic demand while preparing for a low-carbon global future, Heirs Energies represents a case study in adaptive ambition.

“We must act despite challenges,” Igiehon said, his voice carrying both defiance and determination. “That is the spirit of Heirs Energies, and it is the spirit Nigeria needs.”

For now, the story of Heirs Energies mirrors the story of Nigeria itself: embattled but unyielding, burdened by history yet brimming with possibility.