Chinwendu Ogbechie

Lagos, Nigeria – 26 November 2025 – The NNPC/Heirs Energies OML 17 Joint Venture (JV) has achieved a major breakthrough with the innovative, rigless recompletion of a key non-associated gas well in OML 17. This pioneering intervention – the first of its kind in Nigeria – has doubled the JV’s gas output to a peak of 135 million standard cubic feet per day (MMscf/d), delivering a significant boost to domestic gas supply and strengthening the nation’s energy security.

This significant production increase has transformed power generation across the eastern network. Transcorp PLC – TransAfam Power, one of Nigeria’s leading power generation plants, has quadrupled its output, rising from an average of 50 megawatts to more than 180 megawatts, with peaks of 200 megawatts. Other power plants also supplied by the network, including First Independent Power Limited (FIPL) and Geometric Power, have also recorded more stable operations and higher generation.

In total, the power plants now receiving gas from the Joint Venture have seen

combined output surge from around 100 megawatts to more than 350 megawatts. This increased power generation provides enough energy to power hundreds of thousands of homes and businesses – reducing blackouts, supporting hospitals, and schools, and keeping factories, small enterprises, and critical infrastructure running.

The operation has already drawn high-level recognition. Mrs Olu Verheijen, Special Adviser to the President on Energy, wrote to Heirs Energies CEO Osa Igiehon, “I congratulate the entire Heirs Energies team on this remarkable achievement, which is a testament to the strength of Nigerian engineering expertise and the value of persistent technical innovation.”

She added, “Please be assured of my continued support as you expand your operation across the energy sector, unlocking additional oil and gas resources to power homes, industries and commercial activities nationwide.”

The Well at the centre of this success had previously been shut in due to excessive water production. Rather than drilling a new well or undertaking a conventional workover, Heirs Energies engineered a rigless through-tubing recompletion into an untapped reservoir interval. Completed safely, in record time, and at just 15% of the cost of drilling a new Well, the operation sets a new standard for rigless solutions in Nigeria’s upstream sector.

Udy Ntia, Executive Vice President, Upstream, NNPC Ltd, said: “This innovative intervention demonstrates NNPC’s strong commitment to unlocking the nation’s gas resources in support of national development. The performance of the NNPC/Heirs Energies OML 17 Joint Venture shows the power of partnership, disciplined execution, and innovation in driving substantial value for Nigeria.”

Engr. Seyi Omotowa, Chief Upstream Investment Officer, NUIMS, added, “This project reflects NUIMS’ strategic focus on safe, efficient, and value-driven upstream operations. It is a model for the type of innovative solutions required to optimise Nigeria’s hydrocarbon assets.”

The NNPC/Heirs Energies OML 17 Joint Venture continues to advance gas-focused, innovation-driven developments, aiming to expand domestic gas supply, strengthen electricity generation, build local capacity, and support broader economic and industrial growth. This latest success reinforces the JV’s commitment to delivering energy that powers homes, industries, and national prosperity

Osa Igiehon, Chief Executive Officer, Heirs Energies, said: “This milestone is another testament to Heirs Energies’ leading capabilities in managing brownfields. The ingenuity, thoroughness, and resilience of our 100% Nigerian workforce made this possible. We remain committed to supporting Nigeria’s gas-to-power agenda through innovation-led, responsible, and performance-driven upstream operations.”

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals. Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies’ Chief Financial Officer and Heirs Holdings Group Chief Investment Officer, Samuel Nwanze, was recently named Chief Financial Officer of the Year at the All Africa Business Leaders Awards (AABLA) in partnership with CNBC Africa.

His latest accolade caps a year where Nwanze has emerged as one of Africa’s most influential voices on sustainable finance, responsible energy development, and the evolution of the modern finance function.

Nwanze said the recognition “validates the belief that African financial expertise is truly world-class,” and reflects a larger movement. “This award is a testament to the Heirs Holdings ecosystem, and our Chairman, Tony O Elumelu CFR, Africapitalism philosophy,” he said. “It reinforces our responsibility to deliver both commercial returns and transformative societal impact.”

Heirs Energies has been awarded the ‘Energy Company of the Year’ at the 2025 Nigerian Business Leadership Awards.

This is a recognition built on undeniable results:

• Turning OML17 into a high-performing asset under indigenous operatorship.
• Delivering 100% of our gas into Nigeria’s domestic market to strengthen energy security and power homes, hospitals and industries
• Achieving zero LTIs and driving down pipeline losses with strong security partnerships.
• Expanding access to electricity for millions of people and empowering hundreds of youths across our host communities

This is who we are; bold, committed, and transforming Africa’s energy story.

We are thrilled to announce an exceptional achievement that fills us with immense pride. Our very own Samuel (Sam) O. Nwanze, Executive Director & Chief Financial Officer (CFO) of Heirs Energies and Chief Investment Officer of Heirs Holdings Group, has been named Africa CFO of the Year at the prestigious All Africa Business Leaders Awards (AABLA) in partnership with CNBC Africa.

This remarkable accomplishment is a testament to our Group Chairman, Tony O. Elumelu, CFRand his philosophy of championing African excellence through Africapitalism. Under his leadership, we have built an ecosystem that empowers leaders like Sam to thrive and redefine the African business landscape

Sam’s win is a direct reflection of the world-class talent and strategic ambition we are building within our group. His leadership in high-stakes finance and investment is a key driver of our success, making this award a point of pride for every one of us.

Sam is not only a CFO in the traditional sense. He is an architect of growth, a dealmaker, and a strategic force. His journey with our group has been defined by landmark transactions and unwavering financial discipline that have reshaped our portfolio and the energy landscape in Africa.

Driven by its African identity, Nigerian independent Heirs Energies operates with an in-house development approach, partnering largely with indigenous contractors

Following its inspiring success story with OML 17, the company is ready to take on further challenging projects, now eyeing the Republic of Congo.

Heirs Energies CEO, Osa Ighiehon, reveals to Oil Review Africa what it takes to thrive as an African independent in today’s energy industry and much more:

What according to you does Nigeria’s oil and gas industry need right now to attain its full potential? 

Nigeria is at a critical moment. We possess the resources and the human capital to be a global energy leader, yet we are constrained by a few critical but addressable challenges. To unlock our full potential, we must act decisively on three fronts.

First, we must establish unwavering policy certainty. The lifeblood of our industry is investment, and capital flows to jurisdictions that offer predictability and stability. We need a clear, consistent, and transparent regulatory framework, one where fiscal term are stable and approvals are streamlined. Without this foundational trust, we risk ceding competitive advantage and watching investment capital migrate to more predictable markets. There has been a lot of progress on this front in the past few years with the Petroleum Industry Act (PIA) and Presidential Directives.

Secondly, we must secure our infrastructure and consolidate the gains we’ve made. The scourge of oil theft has been a direct drain on our national treasury. However, the solution that has been deployed needs to be sustained and the threat/vulnerabilities permanently mitigated. As demonstrated with OML 17, where we moved from a 3% terminal delivery to over 99%, it is possible to secure assets through a collaborative model that integrates community engagement, corporate strategy, and crucially, the strengthened security framework provided by the government. This proven model must now be scaled nationally to protect our vital revenue streams and restore investor confidence.

Lastly, and most critically, we must execute a strategic pivot to gas. While oil built our economy, gas is the undeniable key to our future. Sitting on the largest proven gas reserves in Africa, it is an economic paradox that we remain dependent on imported fuels. Gas is the catalyst that will power our industries, generate stable electricity, and drive sustainable economic diversification. At Heirs Energies, we have moved from rhetoric to action, increasing our gas production from 70 mn standard cu/ft to 125 mn standard cu/ft. This is not merely a business decision; it is a national imperative. By prioritising gas, we can finally unlock a new era of industrialisation and long-term prosperity for Nigeria.

Driven by its African identity, Nigerian independent Heirs Energies operates with an in-house development approach, partnering largely with indigenous contractors

Following its inspiring success story with OML 17, the company is ready to take on further challenging projects, now eyeing the Republic of Congo.

Heirs Energies CEO, Osa Ighiehon, reveals to Oil Review Africa what it takes to thrive as an African independent in today’s energy industry and much more:

How would you define the Africapitalism approach? 

Africapitalism is an economic philosophy pioneered by our Heirs Holdings Group chairman, Tony O Elumelu, CFR. It provides a powerful and practical framework for a more impactful role for the business sector in Africa’s development. At its core, is the conviction that the private sector must be a primary catalyst for creating both economic prosperity and sustainable social wealth.

It’s about changing the old story where business in Africa was only about taking resource extraction. Now, it’s about making sure that every investment we make creates value, both commercially and socially, with the latter enabling and uplifting our communities whilst strengthening our economies.

For us at Heirs Energies, this is our north star. When we took over OML 17, it was our chance to prove this works. We set out to demonstrate that African capital, managed by African expertise, could not only revitalise a distressed asset, but do so in a way that delivers shared and enduring prosperity. Today, the results speak for themselves: we doubled production, restored security to the area, and, crucially, embedded community development into our core operations.

Heirs Energies’ acquisition of Oil Mining Lease (OML) 17 in 2021 was seen as a bold, risky move by industry insiders. Heirs Holdings invested over $1 billion for a 45% interest in the strategic OML 17 asset from Shell, ENI, and Total. The deal captured headlines across Africa’s oil and gas sector.

OML 17, in the Niger Delta, was once a thriving producer but suffered from years of underinvestment, security challenges and deteriorating infrastructure. By the time Heirs Energies acquired it in 2021, production had dropped below 20,000 barrels of oil equivalent per day (boepd). Fast forward to 2025, and this underproducing asset is one of Nigeria’s most compelling turnaround stories. Over four years, Heirs Energies more than doubled oil output and significantly increased gas production.

The man behind the acquisition, Tony O. Elumelu, CFR, took a bold bet guided by his philosophy of Africapitalism, the belief that Africa’s private sector must lead in delivering both economic prosperity and social wealth. By committing over $1 billion to acquire OML 17, he signalled confidence in Africa’s resources, its people, and its future. To turn that vision into reality, he entrusted, CEO of Heirs Energies Osayande Igiehon, a proven operator with deep technical expertise and industry credibility. Igiehon has since led the turnaround, applying discipline, innovation and stakeholder collaboration to transform OML 17 into one of Africa’s most compelling brownfield success stories.

Igiehon explains it wasn’t an easy path, “For a decade, we faced setbacks; oil price crashes, exchange rate pressures, crises in the Niger Delta, and financing challenges. But we persisted and successfully closed the deal in 2021, which was later recognised as Africa’s M&A Deal of the Year.”

He adds, “OML 17 was a classic brownfield value opportunity, a quality asset underperforming due to underinvestment and security challenges. We believed that with local know-how, our Africapitalism philosophy and Brownfield Excellence, we could unlock its full potential.”

A model for unlocking Africa’s brownfields 

But, how exactly did Heirs Energies revive this once-failing asset?

According to Igiehon, it started with the basics: security and stakeholder trust. “We collaborated with the government, security forces and host communities, and restored production reconciliation levels from just 3% to over 99%.”

Next, they tackled infrastructure integrity. They repaired ageing flowlines and de-bottlenecked facilities, which led to the reactivation of over 100 dormant wells. The company focused on safety-driven operations, adopted fast decision-making, cost discipline and created a culture where everyone is a safety officer. The result? Heirs Energies recorded over 1.5 million safe manhours and 1,627 Lost Time Injury (LTI)-free days by the second quarter of 2025.

A major standout in the OML 17 story was the company’s use of innovative, low-cost interventions for gas scale-up. Eschewing expensive options, Heirs Energies used rigless through-tubing techniques that delivered quick results. In November 2024, the Agbada-68T well was restored using this approach, followed by Agbada-67T in August 2025, adding a combined 65 MMscf/d of gas capacity.

“Our technical team provided smart, tailored solutions that delivered enormous results. The improvements exceeded expectations because of team execution and innovation,” says Igiehon proudly. A senior technical executive adds: “By applying through-tubing solutions instead of costly workovers, we cut execution cost by 65% and time by 32%, while delivering 45 MMscf/d from Agbada-67T alone. This is the model for unlocking Africa’s brownfields.”

The evidence is clear – their strategy works. Oil production has more than doubled from the 20,000 boepd (2021) to consistently exceeding 50,000 boepd, and gas output climbed from 70 MMscf/d to around 125 MMscf/d.

Blueprint for Africa

For Heirs Energies, OML 17 is not just a success story — it is a blueprint for excellence and innovation. Igiehon adds, “Yes, our Brownfield Excellence playbook is repeatable wherever there is a viable reservoir core. The model is clear.”

• Secure the asset and win stakeholder trust
• Restore infrastructure integrity and flow assurance,
• Apply smart, low-capex interventions (rigless through-tubing),
• Operate lean with a strong safety culture
• Build long-term value

These seemingly simple steps transformed a struggling, underperforming field into a thriving production hub. The revival of OML 17 is a testament to vision, resilience and innovation. And for Heirs Energies, it is proof that an African-owned and African-led company can take on the toughest challenges—and win.