Its five years since Heirs Energies assumed operatorship of OML 17, taking responsibility for one of Nigeria’s most complex brownfield assets and committing to steward it with discipline, resilience, and long-term intent.
This milestone is not defined by the passage of time, but by what has been delivered.
Heirs Energies was built on a clear conviction: that African capital, leadership, and expertise can responsibly operate strategic energy assets, deliver performance, and contribute meaningfully to national development. Over the past five years, that conviction has been tested-and proven-through execution.
Below is a snapshot of some of the milestones that have defined our first five years:
- Acquisition & Operatorship– Acquired 45% of OML 17 on 15 January 2021 for US$1 billion and assumed operatorship ahead of plan on 1 July 2021.
- Safety Leadership– Operated safely since inception with zero fatalities and no Lost Time Injuries (LTI), underpinned by our proprietary safety culture, “Everyone is a Safety Officer.”
- Oil Production Growth– Sustainably doubled oil production from less than 25 kbopd to over 50 kbopd, supporting Nigeria’s energy security.
- Gas Growth & Power Impact– Doubled gas production from under 50 MMSCF/d to over 120 MMSCF/d, tripling gas supplied into the domestic market from 30MMSCF/d to over 100 MMSCF/d and enabling electricity generation to grow from less than100 MW to over 325 MW.
- Brownfield Excellence– Achieved growth without drilling new wells or building new facilities, through rigorous restoration of legacy assets using our proprietary Brownfield Excellence methodology, including the reactivation of approximately 100 dormant wells and sustained operation of 65-year-old pumps at over 85% uptime.
- Crude Theft Response– Catalysed a country-level response to crude oil theft, contributing to a dramatic recovery in terminal delivery from as low as 3% in December 2021 to over 95% since 2025.
- Cost & Performance Leadership– Ranked among operators in Nigeria as delivering the highest oil production increase between 2020–2024, while remaining one of the top three lowest-cost operators.8. Financial Disciplined & Credibility– Established a strong track record with local, regional, and global lenders, fulfilling all lending obligations without fail, culminating in a US$750 million refinancing with Afreximbank.
- Strategic Expansion– Acquired a 20% equity stake in Seplat Energy Limited at the end of 2025, becoming the company’s largest single shareholder.
- People & Capability– Built a 100% Nigerian workforce with top-quartile capability and culture, combining experienced professionals with a new generation of talent delivering industry-leading outcomes.
These outcomes were achieved through disciplined execution, strong partnerships with government and regulators, the confidence and support of our financiers, deep engagement with host communities, and the unwavering commitment of our people.
This journey reflects the long-term vision of our Chairman, Tony O. Elumelu, CFR, and stands as a practical demonstration of Africapitalism in action – where African enterprises deliver economic value, social impact, and national development in parallel.
Heirs Energies is grateful to its partners, regulators, host communities, lenders, and stakeholders who believed in the journey and stayed the course.
As Heirs Energies marks @ Five, the company does it with pride and humility – but also with clarity of purpose.
Heirs Energies is not looking back in celebration alone. It is focused on the future.
Growth Accelerated.
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