Five years after Heirs Energies assumed operatorship of OML 17, the company says it has recorded significant growth in both oil and gas production, contributing to domestic energy supply and electricity generation.

The firm, in a statement to celebrate Heirs Energies at five, said the milestone was not defined by the passage of time, but by what had been delivered.

Since acquiring a 45 per cent stake in OML 17 on 15 January 2021 for $1 billion and taking over operatorship ahead of schedule on 1 July 2021, Heirs Energies reports that oil production has doubled from less than 25,000 barrels per day to over 50,000 barrels per day.

Gas production, it adds, has risen from under 50 million standard cubic feet per day to more than 120 MMSCF/d, while the volume supplied into the domestic market tripled from 30 MMSCF/d to over 100 MMSCF/d.

The company added that this growth has enabled electricity generation to grow from less than100 MW to over 325 MW.

“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 per cent uptime,” it added.