Heirs Energies, an indigenous oil firm has recounted its milestones in the five years of operation saying it has sustainably doubled oil production from less than 25,000 barrels per day (bpd) to over 50,000 bpd, supporting Nigeria’s energy security.
The company, in its operational assessment, said it has also reactivated about 100 dormant wells to boost the nation’s oil output. It stated that this was achieved without drilling new wells or building new facilities, but through rigorous restoration of legacy assets using its proprietary brownfield excellence methodology.
It added that it has so far reactivated approximately 100 dormant wells and sustained operation of 65-year-old pumps at over 85 per cent uptime.
Recall that Heirs Energies acquired 45 per cent of OML 17 on 15 January 2021 for $1 billion and assumed operatorship ahead of plan on 1 July 2021.
After five years of operations, it said it has doubled gas production from under 50 million standard cubic feet per day (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 Mega Watts (MW) to over 325 MW.
According to the Chairman, Heirs Energies, Tony Elumelu, the feat stands as a practical demonstration of Africapitalism in action – where African enterprises deliver economic value, social impact, and national development in parallel.
“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,” it stated
However, the company said it has catalysed a country-level response to crude oil theft, contributing to a dramatic recovery in terminal delivery from as low as 3 per cent in December 2021 to over 95 per cent since 2025.
Assessing its financial discipline and credibility, the energy firm said it has established a strong track record with local, regional, and global lenders, fulfilling all lending obligations without fail, culminating in a $750 million refinancing with Afreximbank.
Heirs Energies recently acquired a 20 per cent equity stake in Seplat Energy Limited at the end of 2025, thereby becoming the company’s largest single shareholder.
