The daily torch media
ByDan Aibangbe
A major shift is unfolding across the onshore oil fields of the Niger Delta. In January 2021, Heirs Energies announced its arrival on the global energy stage with a landmark $1.2 billion acquisition of a 45 percent stake in OML 17 from Shell, TotalEnergies and Eni.
More than a business transaction, the deal signaled a new era of indigenous participation in Nigeria’s energy sector — one rooted in ownership, operational excellence and long-term value creation.
At the heart of this transformation is Tony Elumelu, investor, philanthropist and champion of Africapitalism. Elumelu has consistently advocated that Africa must take the lead in managing its resources if it expects sustained global investment and respect. Heirs Energies was established to prove that indigenous companies can operate complex oil and gas assets at world-class standards — and the results are beginning to validate that vision.
Turning Brownfield Assets into Growth Engines
At the time of acquisition, OML 17 was considered a mature “brownfield” asset — often viewed by international oil majors as declining. For a newly formed indigenous operator, the move appeared risky.
However, within 100 days of assuming operational control in July 2021, Heirs Energies began to reverse the narrative. Under the leadership of CEO Osa Igiehon, production increased from 27,000 barrels per day (bpd) to over 50,000 bpd through disciplined brownfield optimization, rehabilitation of existing wells and facilities, and a strong commitment to safety and operational efficiency.
This achievement came despite significant challenges, including the impact of the COVID-19 pandemic and widespread crude oil theft in the Niger Delta. Through strategic security and operational interventions, the company reportedly reduced theft-related losses from as high as 97 percent to below 10 percent — stabilizing operations and restoring investor confidence.
Driving Nigeria’s Gas Ambitions
Beyond oil production, Heirs Energies moved quickly to advance Nigeria’s gas development agenda. In November 2021, just six months after the takeover, the company delivered first gas from the Agbada Non-Associated Gas (NAG) Plant — a project that had remained dormant for over a decade under previous operators.
The development aligned with the Federal Government’s “Decade of Gas” initiative, accelerating domestic gas supply and necessitating the commencement of Agbada Train-2 to meet growing demand.
By its third anniversary, Heirs Energies had established itself as a leading indigenous producer, sustaining output above 50,000 bpd and approximately 120 million standard cubic feet of gas per day (MMscf/d). Of this, up to 100 MMscf/d is supplied to the domestic market, supporting more than 300 megawatts of power generation nationwide.
Environmental and Financial Milestones
In December 2025, the company strengthened its environmental credentials by signing landmark Gas Flare Commercialization Programme (NGFCP) agreements with five flare gas offtakers. The move advances flare reduction, promotes gas monetisation and supports Nigeria’s broader energy transition objectives.
On the financial front, Elumelu facilitated a $750 million financing package — one of the largest secured by a locally owned African energy producer. He also played a strategic role in a $500 million acquisition of a 20 percent stake in Seplat Energy, reinforcing vertical and horizontal integration within Nigeria’s energy ecosystem.
A Broader Impact
The Heirs Energies story represents more than corporate growth; it reflects a wider shift in Nigeria’s energy narrative. Increased domestic gas supply, improved operational performance, environmental responsibility and indigenous ownership are reshaping perceptions of what African-led enterprises can achieve.
As Nigeria advances its energy reforms and gas-driven development strategy, companies like Heirs Energies are positioning the country not merely as a resource holder, but as a capable and competitive energy operator on the global stage.
Dan Aibangbe is a Media & Public Relations Consultant.
