In a significant boost to Nigeria's domestic energy capacity, indigenous oil firm Heirs Energies has announced it has successfully doubled its daily oil production, now exceeding 50,000 barrels per day (bpd). This milestone marks a dramatic rise from the less than 25,000 bpd the company was producing when it began operations five years ago.
Strategic Growth Through Asset Reactivation
The company achieved this impressive growth not by drilling new wells, but through a focused strategy of reviving existing infrastructure. Heirs Energies has reactivated approximately 100 dormant wells across its assets. Furthermore, the firm has sustained the operation of 65-year-old pumps, maintaining an uptime of over 85% through its proprietary brownfield excellence methodology.
This operational success stems from its acquisition of a 45% interest in OML 17 on January 15, 2021, for $1 billion. The company assumed operatorship of the asset ahead of schedule on July 1, 2021.
Gas Production and Domestic Impact Triples
The growth story extends beyond crude oil. Over the past five years, Heirs Energies has also more than doubled its gas production capacity. Output has surged from under 50 million standard cubic feet per day (MMSCF/d) to over 120 MMSCF/d.
Critically, the volume of gas supplied to the Nigerian domestic market has tripled, jumping from 30 MMSCF/d to over 100 MMSCF/d. This increased supply has directly enabled a rise in electricity generation, with capacity growing from less than 100 Mega Watts (MW) to over 325 MW, powering homes and industries across the nation.
Financial Discipline and Major Strategic Moves
The company has also established strong financial credibility, fulfilling all lending obligations and securing a $750 million refinancing facility with Afreximbank. In a landmark strategic expansion at the end of 2025, Heirs Energies acquired a 20.07% equity stake in Seplat Energy Plc, becoming the energy company's largest single shareholder.
Chairman of Heirs Energies, Tony Elumelu, framed the achievements as a testament to the philosophy of Africapitalism. He stated that the milestone demonstrates how African capital, leadership, and expertise can responsibly operate strategic assets and drive national development.
Elumelu emphasized, "This milestone is not defined by the passage of time, but by what has been delivered." He added that the company was built on the conviction that African enterprise can deliver economic value and social impact simultaneously.
On the security front, Heirs Energies noted its role in catalysing a national response to crude oil theft. This collaboration has led to a dramatic recovery in terminal delivery rates, which have risen from a low of 3% in December 2021 to consistently over 95% since 2025.
