‘Oil output increased to 40k bpd’ — Tony Elumelu celebrates Heirs Energies’ achievements

Tony Elumelu, chairman of Transcorp Nigeria Plc, has celebrated the achievements of Heirs Energies, a subsidiary of Heirs Holdings, following a significant increase in oil production by 48 percent in three years.

Elumelu spoke in a statement on Sunday, celebrating the milestones of the firm as it marks its third anniversary.

He said the oil company implemented a track record of significant production increases, pioneered a new model of community engagement and built a world-class Nigeria management team.

“Heirs Energies launched in January 2021, following the completion of an 8-year, $1.2 billion transaction to acquire oil license OML17, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI, and solidifying the joint venture partnership with the NNPC,” the company said.

“Heirs Energies has become a role model institution within the energy sector.

“At a time when Nigeria needs to optimise output, Heirs Energies’ oil production has surged from 27,000 to 40,000 barrels a day.

“Theft and losses which reached a peak of 97% late 2021, has now been reduced to less than 15%, with definitive actions taken by government to address the pipeline security and related concerns.

“Heirs Energies commenced gas production and has rapidly become an important contributor to domestic gas supply in Nigeria.”

Heirs Energies also said 100 percent of its gas produced goes into the domestic market to meet local demand, thereby providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.

“Top quartile safety records. Heirs Energies boasts three incident free years, maintaining zero loss time injury (LTI) operations in OML 17 with 1.5 million man-hours,” the firm added.

“Community engagement that works: Heirs Energies continues to live up to a philosophy of a shared destiny with local communities, by seeking out local talent and creating entrepreneurs.”

Commenting on these achievements, Elumelu commended the team, expressing his gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

“I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/CEO, Osa Igiehon,” he said.

“Your hard work, dedication and expertise has enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.”

Reflecting on his vision for Heirs Energies, Elumelu said the firm has focused on Africa’s unique energy needs, “as I look back now, we have more than succeeded.”