Heirs Energies Boosts Oil Production to 50,000bpd in Five Years, Strengthening Nigeria’s Energy Security
Heirs Energies has announced a major operational milestone, revealing that it has sustainably doubled its oil production from less than 25,000 barrels per day (bpd) to over 50,000 bpd within five years of operations, reinforcing Nigeria’s energy security. The indigenous energy firm highlighted the achievement as part of a broader assessment of its performance since entering the upstream oil and gas sector.
The company disclosed that the production growth was driven largely by the reactivation of about 100 dormant wells across its assets. Remarkably, this was achieved without drilling new wells or constructing new facilities, but through the restoration of legacy infrastructure using its proprietary brownfield excellence methodology. Heirs Energies also said it has sustained operations of pumps that are over 65 years old, maintaining uptime levels above 85 per cent.
Heirs Energies recalled that it acquired a 45 per cent stake in Oil Mining Lease (OML) 17 on January 15, 2021, for $1 billion, and assumed operatorship ahead of schedule on July 1, 2021. Since then, the company noted that it has more than doubled gas production from under 50 million standard cubic feet per day (MMSCF/d) to over 120 MMSCF/d, while tripling domestic gas supply to more than 100 MMSCF/d.
According to the firm, the expansion in gas output has had a direct impact on power generation, enabling electricity supply to rise from less than 100 megawatts (MW) to over 325 MW. Chairman of Heirs Energies, Tony Elumelu, described the progress as a clear example of Africapitalism in action, where African-owned businesses deliver economic value, social impact, and national development simultaneously.
Beyond production gains, the company said it has played a key role in tackling crude oil theft, helping to lift terminal delivery rates from as low as 3 per cent in December 2021 to over 95 per cent since 2025. Heirs Energies added that its strong financial discipline has earned the confidence of local and international lenders, culminating in a $750 million refinancing with Afreximbank. The company further strengthened its industry footprint with the acquisition of a 20 per cent equity stake in Seplat Energy Limited at the end of 2025, making it the largest single shareholder.