Heirs Energies Marks 5 years of Integrated Energy Delivery and Disciplined Growth: Africapitalism In Action

Since its establishment five years ago, Heirs Energies has consistently embodied its core vision of Africapitalism, championing Project Africa and building robust local content capacity

 

Five years after assuming operatorship of Oil Mining Lease (OML) 17, Heirs Energies has emerged as one of Nigeria’s most consequential indigenous energy operators, demonstrating that African-led capital and expertise can successfully steward complex brownfield assets while delivering measurable national value.

Heirs Energies assumed operatorship of the OML 17 asset in July 2021, following the acquisition of a 45 per cent equity stake valued at US$1 billion earlier that year. The milestone, the company says, is less about elapsed time and more about delivery — spanning safety, production growth, operational efficiency, financing credibility, and energy security outcomes.

Since inception, Heirs Energies has recorded zero fatalities and no Lost Time Injuries (LTI), an achievement underpinned by its proprietary safety culture framework, “Everyone is a Safety Officer.”

The performance stands out in Nigeria’s upstream oil and gas sector, where operational risk remains high.

Within five years, the company sustainably doubled oil production from below 25,000 barrels per day to over 50,000 barrels per day, strengthening Nigeria’s crude oil output at a time of persistent production challenges across the sector.

Equally significant is the growth in gas production, which increased from under 50 million standard cubic feet per day (MMSCF/d) to over 120 MMSCF/d. Domestic gas supply tripled from 30 MMSCF/d to more than 100 MMSCF/d, enabling power generation linked to OML 17 gas to rise from under 100 megawatts to over 325 megawatts — a direct contribution to Nigeria’s electricity supply.

These gains were achieved without drilling new wells or constructing new facilities. Instead, Heirs Energies deployed its Brownfield Excellence methodology, restoring and reactivating approximately 100 dormant wells and maintaining 65-year-old pumps at uptime levels exceeding 85 per cent.

Interestingly, from aa deficit of almost 97percent losses in production, Heirs Energies has led OML 17 to become one of Nigeria’s most functional oil assets. All this done with a 100 per cent Nigerian workforce, blending experienced professionals with a new generation of energy talent, and delivering what it describes as top-quartile capability and performance culture.

Heirs Energies also played a pivotal role in catalysing a broader national response to crude oil theft.

Terminal delivery recovery improved dramatically from as low as three per cent in December 2021 to over 95 per cent from 2025 onwards — a turnaround that significantly enhanced asset value and national revenue assurance.

Between 2020 and 2024, Heirs Energies ranked among Nigeria’s top operators for oil production growth, while maintaining a position among the country’s three lowest-cost producers.

In December 2025, the company’s strong financing track record, which has enabled it to meet all lending obligations culminated in a US$750 million refinancing transaction with Afreximbank — one of the largest indigenous energy refinancings in recent years.

Not done yet, ending 2025 on a high note, Heirs Energies expanded its strategic footprint with the acquisition of a 20 per cent equity stake in Seplat Energy Limited, becoming the company’s largest single shareholder.

Internally, the company has built a 100 per cent Nigerian workforce, blending experienced professionals with a new generation of energy talent, and delivering what it describes as top-quartile capability and performance culture.

The company attributes its performance to disciplined execution, strong partnerships with regulators and government agencies, deep engagement with host communities, and sustained support from local and international financiers.

The five-year journey reflects the long-term vision of Chairman, Tony O. Elumelu, CFR, and stands as a practical demonstration of Africapitalism — a philosophy that positions African enterprises as engines of economic value, social impact, and national development.

As Heirs Energies marks its fifth anniversary, the company says it remains focused on accelerating growth rather than reflecting on past achievements alone.

“We are grateful to our partners, regulators, host communities, lenders, and stakeholders who believed in the journey and stayed the course,” the company noted, reaffirming its commitment to long-term value creation in Nigeria’s energy sector.