Igiehon revealed that Heirs Energies operates OML 17 in Southeastern Nigeria, which the company acquired from Shell in 2021. Remarkably, within just three months of taking operational control, the company managed to double production from 25,000 barrels per day without drilling any new wells. Since this initial success, Heirs Energies has consistently maintained this elevated production level and has successfully doubled gas production as well. The company is now preparing to launch a comprehensive well reactivation program at OML 17 to further enhance production capacity.
As part of the broader Heirs Holding Group, Heirs Energies benefits from the group’s strong track record of building and transforming businesses across various sectors. Igiehon noted that Transcorp Group, another entity within Heirs Holdings, has successfully revitalized industries including power generation and hospitality, similar to how UBA transformed banking operations. Heirs Energies’ strategic vision involves expansion both within Nigeria and across Africa, with the goal of creating an integrated energy business that effectively addresses the continent’s unique energy challenges—spanning the entire value chain from upstream operations to power generation and distribution.
Igiehon observed that for decades, international oil companies (IOCs) dominated Nigeria’s energy sector, helping develop the local capacity that exists today. As these IOCs increasingly shift their focus away from onshore operations, local firms like Heirs Energies are stepping up to maximize these assets, ensuring both energy security and financial stability for the country.
One major challenge facing the industry has been the loss of social licenses to operate, alongside the maturity of many assets and outdated operational frameworks that are poorly suited for brownfield development. However, Igiehon praised the Nigerian government for creating an enabling environment that equips local players with the necessary tools to overcome these market challenges.
While the global energy transition has constrained capital flows into traditional oil and gas projects, Igiehon emphasized that alternative financing options remain available. These include reserve-based lending, the upcoming Africa Energy Bank, and structured funding arrangements with crude oil traders secured against future production. With rising global demand for oil and gas, Igiehon expressed confidence that further funding opportunities will continue to emerge.
Source: energycapitalpower.com
