Elumelu's Heirs Energies Doubles Oil Production to 50,000 BPD to Boost Nigeria’s Energy Security
- Heirs Energies has doubled crude oil production, significantly increased gas output and power generation within five years
- The company has reactivated about 100 dormant oil wells and also supported electricity generation growth to more than 325MW
- It also secured a $750 million Afreximbank refinancing, and became the largest single shareholder in Seplat Energy with a 20 per cent stake
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Heirs Energies, an indigenous oil and gas company, has highlighted key achievements recorded within its first five years of operation, noting that it has steadily increased crude oil production from below 25,000 barrels per day (bpd) to more than 50,000 bpd.
The company said this growth has contributed significantly to strengthening Nigeria’s energy security.
Source: UGC
Heirs Energies Marks Five Years of Operational Growth
In its performance review, Heirs Energies disclosed that it revived nearly 100 inactive wells, boosting national output without drilling new wells or constructing additional facilities.
Instead, the company relied on the comprehensive rehabilitation of inherited assets, applying its proprietary brownfield optimisation approach.
It further noted that it has maintained more than 85% uptime on pumps that are over 65 years old, reflecting operational efficiency and asset integrity.
Heirs Energies acquired a 45% stake in Oil Mining Lease (OML) 17 on January 15, 2021, for $1 billion, and took over operatorship ahead of schedule on July 1, 2021.
Heirs Energies highlights achievements in the power, oil and gas sectors
Over the same period, the company reported a significant rise in gas production, increasing output from less than 50 million standard cubic feet per day (MMSCF/d) to over 120 MMSCF/d.
Gas supply to the domestic market also expanded from about 30 MMSCF/d to more than 100 MMSCF/d, supporting a jump in electricity generation from under 100 megawatts (MW) to above 325 MW.
Commenting on the progress, Chairman of Heirs Energies, Tony Elumelu, described the achievements as a clear example of Africapitalism at work, where African-owned businesses generate profit while delivering social and national value.
He noted that the company was founded on the belief that African expertise and capital can efficiently manage strategic energy assets and contribute to sustainable development, a belief he said has been validated through consistent execution.
Beyond production growth, Heirs Energies said it played a role in driving a coordinated national response to crude oil theft, helping improve terminal delivery levels from as low as 3 per cent in December 2021 to above 95% from 2025 onward.
The firm also underscored its financial credibility, citing a solid repayment history with local and international lenders, culminating in a $750 million refinancing deal with Afreximbank.
In a recent strategic move, Heirs Energies acquired a 20% equity stake in Seplat Energy Limited at the close of 2025, positioning itself as the company’s largest single shareholder.
Source: UGC
Elumelu plans to build refinery in Nigeria
In related news, Legit.ng earlier reported that Elumelu hinted at a long-term goal, which includes the building of a refinery in Nigeria.
He disclosed this at the Nigeria Petroleum Industry Leadership Forum hosted by Heirs Energies recently.
The billionaire investor stated that his company, which acquired OML 17 from Shell several years ago, has a vision to ramp up daily oil production to 100,000 barrels per day, up from the current 53,000 barrels.
Source: Legit.ng
