Five years after taking over operations, Heirs Energies has announced a major surge in production from a key Nigerian oil asset, significantly boosting the country's energy supplies.
A Transformative Five-Year Journey
The company marked its fifth anniversary of operating Oil Mining Lease (OML) 17 by revealing impressive growth figures. Heirs Energies emphasized that this milestone reflects tangible achievements, not just the passage of time. The journey began when the firm acquired a 45 per cent participating interest in the asset on 15 January 2021, in a deal valued at $1 billion. It then assumed operatorship ahead of schedule on 1 July 2021.
Doubling Oil and Tripling Gas Output
The results since taking over have been substantial. The company reports that oil production has doubled, rising from less than 25,000 barrels per day (bpd) to over 50,000 bpd. The increase in gas production is even more dramatic.
Output has jumped from under 50 million standard cubic feet per day (MMSCF/d) to more than 120 MMSCF/d. Crucially, the volume of gas supplied to the Nigerian domestic market has tripled, growing from 30 MMSCF/d to over 100 MMSCF/d.
Powering Nigeria's Economy and Grid
This surge in gas supply has had a direct and powerful impact on the nation's electricity generation capacity. Heirs Energies states that the reliable gas supply from OML 17 has enabled power generation to grow from less than 100 Megawatts (MW) to over 325 MW. This contribution helps light up homes and power industries across Nigeria.
The company achieved this remarkable growth without drilling new wells or constructing major new facilities. Instead, it relied on its proprietary Brownfield Excellence methodology, which focuses on the rigorous restoration of existing, legacy assets. Key to this strategy was the reactivation of approximately 100 dormant wells and maintaining 65-year-old pumps at over 85 per cent operational uptime.
This approach demonstrates a commitment to maximizing the potential of Nigeria's existing energy infrastructure, ensuring that these national assets deliver optimal value for the economy.
