Heirs Energies Sets Sights on Doubling Oil Output by 2030, Expands African Growth Ambitions
Lagos, Nigeria — Heirs Energies Ltd. has unveiled bold plans to double its crude oil production over the next five years, projecting an increase from its current output of 50,000 barrels per day (BPD) to 110,000 BPD by 2030. The announcement was made by the company’s Chief Executive Officer, Osa Igiehon, during a media parley with energy and business journalists in Lagos.
Igiehon highlighted the company’s growth strategy, underscoring its unwavering commitment to Nigeria’s energy security, transparency, and sustainability. He emphasized that Heirs Energies is built on a foundation of local participation, with 95 percent of its contractors being Nigerian. In addition, the company directs all its gas production to the domestic market to bolster industrial growth and national development.
“There’s no better time to revitalise Nigeria’s oil and gas sector and increase crude production than now,” Igiehon told journalists, stressing the importance of community engagement and private-sector-led development guided by Africapitalism, a philosophy advanced by Heirs Holdings founder, Tony Elumelu.
One of the company’s standout achievements, according to Igiehon, is the successful restart of a well in the Niger Delta that had been dormant for 37 years. He explained that while the well had no technical defects, operations were hindered for decades due to community, social, and security challenges.
“We just restarted a well last week that had been shut since 1987. For years, no operator could revive it, but after four years of effort, we achieved it. That’s the grit and tenacity that define us as a company,” he said.
Sam Nwanze, Executive Director and Chief Financial Officer of Heirs Energies, provided further insight into the company’s turnaround of Oil Mining Lease (OML) 17. Once plagued by oil theft and inefficiencies, the asset is now delivering near maximum capacity, with terminal delivery rates of 95–100 percent. Over 100 previously inactive wells have been revived, significantly boosting output.
Heirs Energies is also consolidating its position in the gas sector. The commissioning of the Agbada Non-Associated Gas Plant has positioned the company as a key supplier in the Eastern domestic gas market, with production scaled to 100 million standard cubic feet per day.
Beyond energy operations, the company has made notable strides in social investment. Initiatives include awarding scholarships to over 280 students, vocational training for 300 youths, and medical outreach programs that have benefited more than 20,000 people. In addition, Heirs Energies has rehabilitated key road infrastructure and partnered with the Tony Elumelu Foundation to support more than 1,000 small businesses in Rivers State.
Looking to the future, Heirs Energies is exploring regional expansion into markets such as Namibia, Senegal, and Angola, leveraging what it calls its “Brownfield Excellence” model — a strategy focused on maximizing underutilized assets with local expertise.
With its ambitious goals, strong community investment record, and determination to drive industrial progress, Heirs Energies is positioning itself as a key player in Nigeria’s energy sector transformation and a potential continental leader.
