Energy, Capital & Power spoke with Osayande Igiehon, CEO, Nigerian independent energy firm Heirs Energies about its operations in the country and expansion strategy across Africa at the inaugural Congo Energy & Investment Forum which took place in March.
Nigeria aims to achieve an average 2.5 million barrels per day in 2025. What key projects and strategies is Heirs Energies prioritizing to support this national target?
We operate OML 17 in Southeastern Nigeria, which we acquired from Shell in 2021. Within three months of taking operational control, we doubled production from 25,000 barrels per day â without drilling a new well. Since then, we have sustained this high output and successfully doubled gas production. We will be launching a well reactivation program at OML 17 to further enhance production.
What is Heirs Energiesâ strategy for growth across Africa, and what specific opportunities make Congo an attractive market for expansion?
We are a pan-African group with a strong track record of building and transforming businesses across various sectors. As part of the Heirs Holding Group, Transcorp Group has successfully revitalized industries like power generation and hospitality in the same light UBA from banking. Our vision is to expand both within Nigeria and across Africa, creating an integrated energy business that addresses the continentâs unique energy challenges â from upstream operations to power generation and distribution.
What are the biggest challenges faced by indigenous oil and gas companies in Africa, and how has Heirs Energies navigated these challenges? What unique value do indigenous firms bring to the expansion and development of Africaâs oil and gas industry?
For decades, IOCs dominated the sector, helping to develop the local capacity we have today. As IOCs shift their focus away from onshore operations, local firms are stepping up to maximize these assets, ensuring both energy and financial security for the country.
One major challenge has been the loss of social licenses to operate, along with the maturity of many assets and outdated operational frameworks that are not suited for brownfield development. The government has created an enabling environment, equipping local players with the necessary tools to overcome market challenges.
While the global energy transition has constrained capital flows into oil and gas, alternative financing options remain available, including reserve-based lending, the upcoming Africa Energy Bank, and structured funding from crude oil traders against future production. With rising global demand for oil and gas, further funding opportunities will continue to emerge.
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