… maintains top three low-cost operator status between 2020–2024
Oredola Adeola
The company made this known in the statement obtained by Advisors Reports on Thursday.
It noted that the milestone marks five years of assuming responsibility for one of Nigeria’s most complex brownfield assets, underpinned by a commitment to steward the asset with discipline, resilience and a long-term vision.
Heirs Energies further noted that the anniversary was defined not merely by the passage of time but by measurable delivery, stressing that the company was founded on the conviction that African capital, leadership and expertise can responsibly operate strategic energy assets, deliver strong performance and contribute meaningfully to national development—a conviction it said has been tested and proven through execution over the past five years.
Heirs Energies further stated that the five-year milestone was anchored on its 45 per cent acquisition and operatorship of OML 17 on January 15, 2021, for US$1 billion, noting that it assumed operatorship ahead of schedule on July 1, 2021.
The company said the period has also been marked by safe operations since inception, recording zero fatalities and no Lost Time Injuries, a performance it attributed to its proprietary safety culture, “Everyone is a Safety Officer.”
According to the statement, Heirs Energies has more than doubled gas production from under 50 million standard cubic feet per day to over 120 million standard cubic feet per day, while tripling gas supplied into the domestic market from 30 million to over 100 million standard cubic feet per day, enabling electricity generation to rise from less than 100 megawatts to over 325 megawatts.
It added that production growth was achieved without drilling new wells or constructing new facilities, driven instead by the rigorous restoration of legacy assets under its Brownfield Excellence methodology, including the reactivation of about 100 dormant wells and sustained operation of 65-year-old pumps at over 85 per cent uptime.
The company noted that its interventions also helped catalyse a coordinated national response to crude oil theft, contributing to a recovery in terminal delivery from as low as three per cent in December 2021 to over 95 per cent since 2025.
Heirs Energies said it ranked among operators with the highest oil production growth between 2020 and 2024, while remaining one of Nigeria’s three lowest-cost producers, supported by strong financial discipline that has seen it meet all lending obligations and secure a US$750 million refinancing with Afreximbank.
The statement added that the five-year achievements were capped by the company’s strategic expansion through the acquisition of a 20 per cent equity stake in Seplat Energy Limited at the end of 2025, making Heirs Energies the company’s largest single shareholder.
The company stated that the outcomes were driven by disciplined execution, strong partnerships with government and regulators, sustained confidence from its financiers, deep engagement with host communities, and the commitment of its workforce.
Heirs Energies noted that the five-year journey reflects the long-term vision of its Tony Elumelu, its Chairman.
It also described the results as a practical demonstration of Africapitalism in action, where African-owned enterprises deliver economic value, social impact and national development simultaneously.
