Heirs Energies says indigenous oil firms now responsible for 60% of Nigeria’s crude output

Heirs Energies Limited, operator of the oil mining lease (OML) 17, says indigenous energy companies are now responsible for more than 60 percent of Nigeria’s crude oil production.

In a statement on Monday, Heirs Energies said the successful indigenisation programme is driving growth and positioning local companies at the forefront of the industry.

The statement was issued at the end of the Heirs Energies petroleum industry leadership dialogue held recently in Abuja.

The event was attended by key public and private sector leaders to discuss Nigeria’s oil production growth and the role of indigenous firms in the industry.

Heineken Lokpobiri, minister of state for petroleum resources (oil); Gbenga Komolafe, chief commission executive of NUPRC; and Ademola Adeyemi-Bero, chairman of OPEC Board of Governors for Nigeria, were among the attendees.

Speaking at the forum, Tony Elumelu, chairman of Heirs Energies, said the growth of indigenous oil companies is a testament to their ability to drive production and create value for Nigerians.

“Production growth, ambitious and sustained, is our shared national mission,” he said.

“I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

“As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.

“As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution.”

Elumelu said in just four years, Heirs Energies has rapidly grown its production from 21,000 barrels per day to over 50,000 barrels per day.

The entrepreneur also said a series of presidential executive orders have reshaped the operating environment, enabling indigenous firms to take the lead in crude production.

On his part, Osa Igiehon, Heirs Energies CEO, said the company’s brownfield excellence strategy and strong community engagement have been instrumental in its success.

“Our success at Heirs Energies demonstrates what is possible in Nigeria’s onshore sector,” Igiehon said.

“By tripling our producing wells to over 100, we have shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.”

In the statement, Heirs Energies said it remains committed to Nigeria’s energy transition goals, emphasising gas as a transition fuel while aligning its strategy with global sustainability targets.

The company added that the petroleum industry leadership dialogue will now be an annual event, fostering continued collaboration between the government and industry players.