In a significant development for Nigeria’s oil and gas sector, Heirs Energies, a leading indigenous energy company, has been prominently featured in a recent Financial Times film titled “Nigeria’s Struggle to Break the Oil Curse.” The film, which explores the challenges and opportunities within the nation’s energy landscape, highlights the transformative role of Heirs Energies and its CEO, Osa Igiehon.
During his interview, Igiehon detailed Heirs Energies’ substantial contributions to Nigeria’s energy sector. The company now manages approximately 5% of the country’s oil production and a similar share of its domestic gas production. This achievement is particularly noteworthy given the recent trend of international oil companies exiting onshore operations in Nigeria, creating opportunities for capable indigenous firms to fill the void.
Heirs Energies has demonstrated remarkable operational excellence since acquiring the OML 17 block in July 2021. Within just 100 days of taking over operations, the company doubled its oil production from 27,000 to 52,000 barrels per day. This rapid improvement serves as compelling evidence of the capacity and resilience of indigenous companies in the sector.
Igiehon addressed the challenges faced during the transition period, particularly the issue of oil theft in the Niger Delta region. Through strategic initiatives and collaboration with key stakeholders, Heirs Energies has made significant strides in overcoming these obstacles. The company has increased its terminal delivery from 3% in December 2021 to an impressive 85% today, showcasing its problem-solving capabilities and commitment to operational integrity.
The CEO stated that the success of Heirs Energies aligns with the principles of Africapitalism, which positions the private sector at the forefront of investments that drive both economic prosperity and social progress. By demonstrating that indigenous firms can not only match but exceed the performance of international operators, Heirs Energies is setting new standards for local participation in Nigeria’s oil and gas sector.
This feature in the Financial Times not only highlights Heirs Energies’ achievements but also underscores the company’s commitment to driving Nigeria’s economic growth, ensuring energy security, and paving the way for a new era in the country’s energy sector – one driven by local expertise, innovation, and a deep understanding of Nigeria’s unique challenges and opportunities.
