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Michael Walter

Jul 12
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Full Speech: Osayande Igiehon, CEO Heirs Energies at the Niger Delta Stakeholder’s Summit 2024

By Latest news

Full Speech: Osayande Igiehon, CEO Heirs Energies (Representing Mr Tony O. Elumelu CFR, Chairman UBA, Heirs Holdings and Transcorp Plc) at the Niger Delta Stakeholder’s Summit 2024 at Obi Wali International Conference Centre, Port Harcourt, 12th July 2024 on “Renewed Hope for Sustainable Development In The Niger Delta”

 

His Excellency, Bola Ahmed Tinubu, GCFR

The President, Commander-in-Chief, Federal Republic of Nigeria

Dr Goodluck Jonathan, GCFR, Former President, Federal Republic of Nigeria.

Senator Godswill Akpabio, CON, President of The Senate

All other protocols observed.

Good morning distinguished guests, stakeholders, and fellow proud sons and daughters of the Niger Delta.

It is a great honor to be here with you today, on behalf of Mr. Tony Elumelu CFR.

We congratulate the Board and Management of the Niger Delta Development Commission (NDDC) for hosting this epoch summit, to deliberate on the Niger Delta, the Renewed Hope agenda of our dear President Tinubu and how this agenda will bring sustainable development to the Region.

As many of you know, Mr. Elumelu hails from Delta State and is a passionate believer in the tremendous potential of the Niger Delta and its people. Being Edo myself, I am quite pleased for this opportunity to give our reflections on this important theme.

The Renewed Hope Agenda is the transformative platform of our dear President Tinubu, which is hinged on the core pillars of Democracy, Development, Demographics, and Diaspora Engagement.

Classically, sustainable development refers to the ability to meet the needs of the present generation without compromising the ability of future generations to meet their own needs.

Furthermore, the United Nations has developed a Sustainable Development Goals Program with several key objectives that are crucial to the development of the Niger Delta, namely addressing poverty and hunger; providing health, education, and decent work; providing infrastructure and affordable energy; making communities and cities sustainable; and taking the necessary actions to address the impacts of climate change.

Against this backdrop, we see that the sustainable development of the Niger Delta requires all the stakeholders represented in this summit today – the Federal, State, and Local Governments and their organs and agencies; the private sector; traditional and community institutions; civil society; and the public at large.

The Summit’s theme of “Renewed Hope for Sustainable Development in the Niger Delta” resonates deeply with us, because, for too long, the story of the Niger Delta has been one of unfulfilled potential, environmental degradation, and economic exclusion. And, we believe that a new chapter in the long story is being written – one defined by more sustainable growth, shared prosperity and empowered communities.

The Renewed Hope agenda of Mr President therefore will be pivotal to the advancement of sustainable development of the Niger Delta on many fronts.

Looking at the private sector, we at HeirsHoldings have consistently espoused that the African private sector must play a leading role in Africa’s development. This is one of the key tenets of our philosophy called Africapitalism, which is at the heart of everything we do.

With Africapitalism, we seek to create both economic and social value in all our investments and operations. We measure our success not just by the profits we generate, but by the jobs we create, the businesses we empower, our environmental responsibility and the communities we uplift.

At Heirs Holdings, we are deeply committed to driving sustainable development and creating shared prosperity across Africa. To date, our companies employ over 40,000 people in more than 20 African countries

Here in the Niger Delta, the heartland of Nigeria’s oil and gas industry, we are demonstrating our dedication to the region through our strategic investments and operations. Our oil and gas subsidiary, Heirs Energies Limited, operates significant OML17 in Rivers State. Notably, 100% of the gas produced from OML17 is channeled into the domestic market, providing critical energy supply to power industries, hospitals, homes, and schools across the region. This not only brings economic relief to the people, but also underscores our commitment to catalyzing local development.

In the power sector, Transcorp operates two significant plants in the Niger Delta: the Ughelli Power Plant in Delta State and the Trans Afam Power Plant here in Rivers State. With a combined installed capacity of 3000MW, these investments are strategically positioned to transform lives by expanding access to reliable and affordable electricity.

Our business investments demonstrates our belief that indigenous companies like ours have a unique role and responsibility in driving the Niger Delta’s growth and prosperity, and we are proud to be leading by example.

Beyond our business activities, the Tony Elumelu Foundation has to date empowered over 20,000 young African entrepreneurs, including thousands here in the Niger Delta, providing them with the capital and training to launch and grow their businesses.

As the Head of Heirs Holdings’ Oil and Gas investments, I have had the privilege of working closely with Mr. Elumelu, witnessing his vision and passion for driving Africa’s growth through entrepreneurship and private-sector innovation. He always emphasizes that while the private sector has a vital role, it cannot succeed in isolation. Systemic challenges from infrastructure deficits to skills gaps to a difficult business environment, can stifle even the most promising entrepreneurial spirits.

This situation is evident in many places, including the Niger Delta, where we have been grappling with many challenges over the years, including  poverty, environmental degradation, social unrest, and an over-reliance on oil and gas. However, Mr. Elumelu has also instilled in us an unshaken belief that a new future is possible for the Niger Delta – a future where every person can have a decent life, access quality fundamentals of life – food, shelter, healthcare education, etc and be engaged economically; where local businesses can thrive and grow; where communities are healthy, peaceful and resilient; and where the benefits of the region’s vast natural resources are shared equitably.

Achieving this vision will not be easy. It will require all of us – government, business, civil society, and communities – to work together in new ways. It will demand sustained commitment, innovative thinking, and difficult compromises. But I assure you today, it can be done!

We have seen determined leaders and engaged citizens come together to transform even the most challenging circumstances. With the right policies, investments and partnerships, we can build an economy in the Niger Delta that is diverse, inclusive and sustainable. An economy that creates opportunities for all. An economy that harnesses the dynamism of the private sector while ensuring that growth is broadly shared. This is the renewed hope that this moment demands of us.

So, beyond Mt President’s agenda in itself,  Renewed Hope is a call to action to all stakeholders, that we should rekindle our interest and intellect, that we should shore up our courage and the resilience that we are known for as Nigerians; that we should face the tasks at hand with resolve and enthusiasm, and with a clear conviction that the challenges of sustainably developing the Delta is possible. And that we should commit to this objectives, under the leadership of Mr President and the critical initiatives being deployed under Renewed Hope agenda.

At Heirs Holdings, under Mr. Elumelu’s leadership and vision, we are fully committed to this task. We stand ready to work with all of you to seize this opportunity and to build a more just, prosperous, and peaceful future for the Niger Delta and all its people.

As a son of the Niger Delta myself, I am energized by the dynamism, creativity, and resilience I see in our young people every day. With the right support and opportunities, they will be the drivers of the region’s rebirth and renewal.

Together, let us seize this moment to make the Niger Delta the pride of Nigeria and the world.

Thank you.

Jul 09
Love4

Heirs Energies’ CEO, Osayande Igiehon discussed energy sufficiency and the future of Nigeria’s energy sector

By News

Osayande Igiehon, Chief Executive Officer and Managing Director at Heirs Energies, emphasizes in this interview, energy sufficiency is a key concern. In this exclusive conversation, the seasoned energy sector executive takes us through the company’s vision and its role in addressing energy issues in the country and the wider African continent.  He also shares insights into key trends shaping the sector.

Interviewer: As CEO of Heirs Energies, what are your vision and key strategies, drawing from your nearly three decades of experience in the energy sector?

Mr. Igiehon: Our ambition is clearly to be one of the top five Nigerian independents that emerge as international oil companies pull out of the upstream. However, our focus is not only upstream. We are also trying to build an integrated energy company and business with a strong footing in midstream and a strong integration with power.

Beyond Heirs Energies, Heirs Holdings has an integrated energy play, which is driven, on the one hand, by our growth in the upstream and midstream sectors and, on the other hand, by power through our investments in Transcorp. So, interlinkage from hydrocarbons to power will also be a key piece of our future.

Given my 30 years in the industry, I’m building and leading Heirs Energies to be a very strong, definitive, and differentiated company in the marketplace.

There are three key elements that underpin our approach to building Heirs Energies. This approach has seen the company grow from zero to acquiring an asset with no capability and no track record in 2021 to being recognized within three years as one of the leading Nigerian independent companies with a lot of promise.

The first thing is that we have tried to build a different, value-driven company. Everything we are doing is driven by value, and it quite significantly differentiates us from the activity-driven approach predominant in the industry.

The second thing we are building is an organization with a strong ethos founded on value and what we call our winning behaviors — our winning ways of working. These ways describe how our staff turn up and approach every activity, task, or objective that they are tasked with. In this way, we are building a company that achieves outcomes that outpace any of our peers.

Thirdly, we are building a company that will be an expert in brownfield engineering. One of the dominant mindsets in the industry is a greenfield approach, where projects are new, expensive, and time-consuming. However, we are building a brownfield excellence company that focuses on old assets, maximizing their value by working faster, thinking outside the box yet maintaining safety, and ensuring that we achieve outcomes that exceed expectations in every area.

Interviewer: What role do you see Africa playing in the global energy transition? What unique opportunities or challenges does the continent face?

Mr. Igiehon: The first thing to note here is that Africa’s role in the global energy transition is one that needs a lot of consideration.

First, let me talk about the reality of Africa, the starting point of where we are today. Today, we have a significant deficiency in energy supply. Many different quotes are being given, but it suffices to say that there’s a commonality that over 50% of our energy needs are unfulfilled. Over 50% of sub-Saharan Africans, for example, live with less than 20% of their electricity requirement.

This presents a critical point for us when it comes to considering our position going forward.

How do we address this huge energy deficiency in a world that is espousing energy transition? When you consider that energy transition involves moving from a system where the predominant energy supply or consumption is through petroleum products to a global system where the energy supply and consumption is mainly electricity, it becomes a critical issue.

There is a subtext and a growing push to move the global energy system from hydrocarbons to renewables. But over the past few years, we have seen that this agenda does not fully include Africa and that Africa needs to craft its own journey in this transition. Every system would transit; the conversation is where you are transiting from and where you are transiting to. And my position is that Africa’s destination in this transition has to be energy sufficiency.

We have to be on a journey of energy sufficiency, and that should be our focus. Our focus should not necessarily be on the energy transition as popularly posited — because this presents quite a number of challenges for us. This is especially true given that the Western world is keen, for stated environmental reasons, to move the energy system from one that is dominated by hydrocarbons to one that is dominated by renewables. The recent years have shown the underbelly and the weaknesses of this popular approach and the geopolitical undertones that underpin it.

For Africa, we need to focus on how we can be energy-sufficient in the shortest period of time to power our economies and improve the lives and livelihoods of our people.

This, for me, is the key consideration. And I do believe that getting to energy sufficiency for Africa is going to be by a combination of energy sources.

We need our hydrocarbons, which we are very blessed with, and we continue to find new sources of them every day. Our energy mix will also include renewables, both traditional renewables like hydro and emerging renewables like solar, wind, and many others.

It’s very important that we envision a future where the demand is better understood, the gap is better understood, and the supply and how we fulfill it are better understood. We need a consolidated and dedicated effort to bridge this gap.

I think Africa and African countries should focus on crafting energy-sufficiency plans rather than energy transition plans. These energy-sufficiency plans should take advantage of the developments from energy transition, such as new sources of energy, and use these as accelerators to bridge the gap, rather than making the transition itself the primary objective.

Interviewer: How is Heirs Energies addressing these?

Mr. Igiehon: I think I’m very proud to say that we are a significant producer of oil and gas in Nigeria. We produce roughly 3 to 4% of Nigeria’s oil production, as well as roughly 3 to 4% of Nigeria’s domestic gas supply.

We are very proud that all of our gas goes into the domestic market, driving power plants and providing feedstock to gas-based industries. This supports lives and livelihoods, creates jobs, and supplies energy for daily use to thousands of homes and people every day.

We intend to continue growing our gas supply into the domestic market and build a midstream position that will be targeted at the Nigerian domestic market, both looking at liquids and gases. So, we are uniquely poised in line with our vision to address Africa’s energy needs. Over the years, we have been hoping to build a global-scale business that will make an impact in the energy space in Africa.

Interviewer: What are the most significant trends shaping the energy sector, and how will they impact the future?

Mr. Igiehon: There are a number of key trends at play — globally and regionally/locally. There is an interplay between them, and it will have an imprint on what we will see in the energy industry going forward.

On a global level, there are a number of key factors to consider.

For me, the first one is the energy transition. It’s a key trend. This started in the last decade with a lot of momentum around changing the energy system. There’s a deliberate drive for acceleration of the energy system from, as mentioned, one dominated by hydrocarbon supply to one dominated by renewable supply.

But recent events have toned the drive for acceleration, and there is now a more balanced view globally on the pace at which this transition will happen; what the components of the future energy supply and demand system would be; and a clarity that hydrocarbons will definitely remain as one of the key sources of supply over time.

Interlinked with and underpinning this is a growing realization and common understanding that hydrocarbons are not the problem; the problem is emissions of greenhouse gases. Now, there is a more concerted effort to look at the issue more broadly, focusing on emission elimination and reduction, as opposed to the elimination of hydrocarbons. That is going to be a key factor. So, it’s not just about energy transition but also a shift in the thinking of what underpins the energy transition.

A second point is the global geopolitical balance in the world. we’ve seen lots of posturing. We’ve seen the Russia-Ukraine war dominate the space for the past 3 to 4 years. And we are now seeing a potentially expanding theater of conflict in the Middle East with the war between Israel and the proxies of Iran.

These two conflicts have shaped the global discourse and have an imprint on energy in the past years. I think these and other geopolitical tensions — and the quest for energy security by certain regions facing the realities of declining hydrocarbon reserves — are going to shape the global energy landscape.

Thirdly, significant hydrocarbon discoveries have been made in existing and new places across the world. For example, Guyana has had huge finds, and Namibia has reported significant exploration and finds. These discoveries create a different dynamic of increased hydrocarbon supply, potentially offering hydrocarbons at cheaper rates than alternatives. This will be a key consideration for many countries as they chart the course of energy supply and energy security.

Source: Energy Utilities

May 16
Love4
Osa Igiehon

Heirs Energies CEO Advocates for Energy Sufficiency and Sustainable Partnerships at the 17th German-African Energy Forum

By News, Press-release

We are proud to share that our CEO, Osa Igiehon, recently participated in a thought-provoking panel discussion titled “Africa’s Climate Action is Gaining Momentum” at the 17th German-African Energy Forum in Hamburg, Germany.

The forum brought together key stakeholders from the energy sector to discuss Africa’s climate action, green industrialization, and the role of the private sector in driving sustainable energy transition.

During the panel, moderated by Katarina Kunert from Afrika-Verein, Osa emphasized the critical importance of achieving energy sufficiency in Africa as a foundation for sustainable development and economic growth. He highlighted our commitment at Heirs Energies to delivering more energy into the ecosystem in a manner that effectively meets the growing energy demands while minimizing the overall carbon footprint.

Osa stressed that Africa’s energy transition must be one that takes Africa from a current state of energy deficiency to a future of energy sufficiency. To him, “energy Sufficiency for Africa is a key imperative”. He posited that within the context of the global focus on achieving a low-carbon energy future to address climate concerns, we must not overlook the pressing need to address energy poverty and ensure reliable access to electricity for all Africans.”

He also shed light on our multi-energy approach at Heirs Holdings Group, spanning from gas production to power generation and distribution, which positions us to tackle Africa’s energy issues comprehensively and sustainably.

Osa highlighted our role in the Federal Government of Nigeria’s electrification drive, supplying gas to three power plants in eastern Nigeria and contributing to the journey towards a lower carbon footprint and energy sufficiency.

When asked about the kind of partnerships needed to develop Africa’s energy landscape in a future-oriented manner, Osa emphasized the importance of collaboration and the philosophy of Africapitalism, which underpins our parent company, Heirs Holdings. Africapitalism recognizes the critical role of the private sector in driving social and economic progress.

“Shared prosperity for all stakeholders are at the heart of Heirs Energies’ approach to partnerships,” Osa explained. “We believe that true partnerships should be enabling and symbiotic, rather than extractive. It should be a win-win and not win-lose, ensuring that all parties involved benefit from the collaboration.”

He further emphasized that we at Heirs Energies actively seek partnerships with governments, international organizations, and other industry stakeholders to accelerate Africa’s energy transformation. By working together, we believe that innovative solutions can be developed, investments attracted, and an enabling environment created for sustainable energy development across the continent.

The panel also featured insightful contributions from Christine Amira, Sustainability and Communications expert at WILO SE; Ross Palmer, Associate Director Energy Eurasia MEA at the European Bank for Reconstruction and Development; and Samir Rachidi, Director General of IRESEN, Morocco.

As Africa continues to gain momentum in its climate action, we at Heirs Energies remain committed to driving sustainable energy transition and forging collaborative partnerships to achieve energy sufficiency and greener industrialization across the continent.

The insights shared by our CEO, Osa Igiehon, at the 17th German-African Energy Forum underline our dedication to shaping Africa’s energy landscape for a more prosperous and sustainable future.

May 14
Love4

CEOs of Heirs Energies and Transcorp Champion Africa’s Energy Transition at the 17th German-African Energy Forum

By Latest news

Lagos, Nigeria – May 13, 2024 – Heirs Energies CEO and Transcorp Group’s President/Group CEO; Osayande Igiehon and Owen Omogiafo, OON, will join global business leaders at the 17th German-African Energy Forum in Hamburg, Germany, this week.

As leaders of one of Africa’s largest integrated energy businesses, the Heirs and Transcorp team bring a unique perspective on Africa and the opportunities in the African energy space. Heirs Holdings has rapidly implemented founder Tony Elumelu’s commitment to bring robust power supply to Africa and ensure African natural resources drive value creation in Africa.

The executives will echo Elumelu’s message to COP28 in Dubai – that equitable transition must work for Africa.  Themed “Africa’s energy roadmap: Breaking new grounds for greener economies”, Omogiafo and Igiehon will speak on panel sessions addressing Africa’s unique energy needs and the continent’s potential for green industrialisation.

Omogiafo will present recommendations for aligning off-grid and on grid solutions to boost power capacity and drive industrial growth in Africa, on her panel themed “Renewables for industrial growth”.  Transcorp is one of the largest power producers in Nigeria, and now supplies West Africa, with strategic investments in the energy sector through Transcorp Power Plc, Transafam Power, and Transcorp Energy.

Igiehon will emphasise the importance of achieving energy sufficiency in Africa, as a foundation for sustainable development and economic growth.  On his panel entitled “Africa’s Climate Action is Gaining Momentum – Green Industrialization, Climate Finance, Carbon Markets, and Policy Changes”, he will advocate for an approach that leverages Africa’s diverse energy resources, including both conventional and renewable sources, to bridge the energy access gap and provide reliable, affordable power to households, businesses, and industries.  Heirs Energies is operator of OML-17 and is a significant contributor of Nigeria’s gas supply, including to 3 power plants and is committed to providing sustainable energy solutions to address Africa energy needs.

Earlier this week, Heirs Holdings announced that its Founder, Tony Elumelu will participate in a high-level roundtable discussion at the B7 Summit in Rome on May 17, “Powering the Energy Transition for the Benefit of All”, where he will propose recommendations and priorities for catalysing energy transition that is equitable.  The B7 is the official business engagement group for the G7, a political and economic forum of seven advanced economies including Canada, France, Germany, Italy, the United Kingdom, Japan, and the United States.

Apr 24
Love4

Heirs Energies Named “Emerging Energy Company of the Year” at Inaugural Energy Times Awards

By News, Press-release

LAGOS, 23/04/2024 – Heirs Energies, Africa’s leading integrated energy company has announced that it has been awarded the “Emerging Energy Company of the Year” at the inaugural edition of the Energy Times Awards. The ceremony, held in Lagos on Friday, April 19, 2024, recognised Heirs Energies for its remarkable growth and substantial investments in the energy sector since its inception in 2021.

The Energy Times Awards aim to celebrate outstanding achievements and innovations within the energy industry, highlighting companies and individuals driving positive change and making significant contributions to the sector’s advancement.

Heirs Energies’ recognition as the “Emerging Energy Company of the Year” underscores its commitment to energy solutions and its rapid growth and investment within the energy sector. The company’s oil production has grown from about 27,000 barrels per day (bpd) at the take-over of operational control in July 2021, to a peak of over 50,000bpd 100 days after the asset takeover in 2021.

“We are honored to receive the award of ‘Emerging Energy Company of the Year’ at the inaugural Energy Times Awards,” said Osa Igiehon, Chief Executive Officer of Heirs Energies. “This recognition is a demonstration of the dedication and hard work of our team in the last 3 years, as well as our commitment to driving positive and innovative change in the energy sector. We are proud of the progress we have made since inception in 2021 and remain steadfast in our mission to meet Africa’s unique needs,” he added.

Since its establishment in 2021, Heirs Energies has become an important contributor to the domestic gas supply in Nigeria. It achieved first gas from the Agbada Non-Associated Gas (NAG) Plant in November 2021, after taking over the project in May 2021. The significance of this milestone is highlighted by the fact that the Agbada NAG plant had been under construction for over 10 years by the previous operator and upon takeover, the company demonstrated capability and expertise by quickly bringing the plant to mechanical completion and identifying further growth opportunities.

 

Heirs Energies has continued to expand its footprint and has become a key contributor to the domestic gas market, allowing for an increased supply to gas-based industries and gas-powered electricity generation companies.

Heirs Energies Limited (formerly HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs whilst aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads the evolving energy landscape and contributes to a more prosperous Africa.

Mar 27
Love4

Interview: CEO, Osa Igiehon speaks on Heirs Energies’ growth journey with Global Business Report

By Latest news, Press-release

Can you provide an overview of Heirs Energies and its operations?

Heirs Energies operates under the umbrella of Heirs Holdings, a conglomerate involved in diverse sectors, including financial services. Our overarching goal is to effect positive change in Africa by transforming lives and driving socio-economic development. The decision to venture into the energy sector stemmed from a recognition of the pivotal role energy plays in empowering African communities. Heirs Energies’ journey into the energy sector commenced with the acquisition of the OML-17 lease in early 2021 for US$1.2 billion. With over a billion barrels of oil and 2.4 trillion cubic feet of gas, OML-17 holds immense potential.

After the takeover of OML-17, we faced challenges with evacuating crude oil from the site, resulting in over 95% of production being lost or stolen at one point. Faced with these challenges, we decided to temporarily suspend production to address the underlying issues comprehensively. During this hiatus, we collaborated with stakeholders, including the government, to implement robust security measures and repair infrastructure, including the pipeline. This collaborative effort helped us navigate these challenges.

By late October 2022, we successfully resumed production, and throughout 2023 we focused on stabilizing operations and enhancing efficiency. We have made considerable progress, with production levels steadily increasing, reaching 45,000 bpd, and with oil losses and theft being reduced to under 15%.

Our operational footprint primarily spans Rivers State, where OML-17 is located. Despite OML-17’s long history, we have applied innovative approaches to maximize the asset’s value and minimize environmental impact. Moreover, our focus extends beyond oil production. We recognize the importance of gas supply in driving economic growth and powering industries. As such, we have expanded our gas supply to support power generation and industrial activities, particularly in Eastern Nigeria.

How do you plan to eliminate the remaining theft in your production process and how has Heirs Energies navigated the current currency fluctuations in Nigeria?

Addressing crude theft in our production process requires a multifaceted approach involving collaboration with government agencies and a focus on enhancing security measures. While commendable progress has been made thanks to initiatives by the NNPC and the Federal Government, achieving complete elimination of theft remains a challenge.

The fluctuating exchange rates pose challenges across various aspects of our business, including procurement, financial planning, and stakeholder engagements. We are closely monitoring the situation and implementing measures to manage risks effectively.

Can you share Heirs Energies’ approach to ESG and the reduction of routine gas flaring?

We understand that our operations impact not just our company but also the communities and ecosystems in which we operate. Therefore, we prioritize building strong, collaborative relationships with our host communities based on principles of mutual respect and appreciation. Initially, this involved a shift from historical ‘pay for peace’ agreements to the more inclusive Host Community Development Trust (HCDT) model, that is supported by the new petroleum law. This transition was not without challenges, given historical mistrust. However, through consistent efforts, we are resetting these relationships, with a focus on long-term partnerships rather than short-term gains.

Our commitment to reducing gas flaring goes hand in hand with our broader ESG goals. We have set ambitious targets to eliminate flaring ahead of the government’s timeline. Currently, we are implementing solutions across five flaring hotspots, leveraging both governmental programs and proprietary initiatives. For instance, we are engaged with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Nigerian Gas Flare Commercialization Program (NGFCP) to address flaring in certain fields. Additionally, we are exploring innovative technologies and localized solutions to tackle flaring in other areas.

How do other companies within Heirs Holdings, such as Transcorp, complement Heirs Energies?

The complementary relationship is mainly with the power companies within the Heirs Holdings portfolio. Specifically, Transcorp Power and the TransAfam Power Plant. With these two entities, Heirs Holdings owns approximately 15.5% of Nigeria’s installed power generation capacity. Notably, we also provide feed gas to Transcorp Group. This alignment supports our overarching goal of empowering Africa with energy. Heirs Holdings’ investment in the energy sector spans primary energy sources, power generation, and distribution. While the government oversees transmission, our focus is on distribution, as exemplified by our parent company, Heirs Holdings’ investment in the Abuja Electricity Distribution Company.

Source:  Global Business Report, 27th March 2024, https://www.gbreports.com/interview/osa-igiehon

Mar 07
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Agbada NAG

Heirs Energies: Powering Nigeria’s Economy with Domestic Gas Supply

By Latest news, Press-release
  • Sole Gas Supplier to Geometric Power Plant

LAGOS, 07/03/2024 – Heirs Energies, Africa’s leading integrated energy company, has announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State.

Heirs Energies is a leading provider of gas to the Nigerian National Grid, and already supplies TransAfam Power Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW. Heirs Energies also supplies gas to local distribution companies, gas-based industries, and other industrial customers.

Founded in 2021, Heirs Energies operates OML17 and related infrastructure, with a mission to ensuring that Nigerian businesses and consumers derive direct and ongoing benefit from the country’s natural resources. All gas produced from OML 17 is supplied to the domestic gas industry.

Heirs Energies is pioneering a new era in Nigeria’s energy sector. With the operation of OML17 and its associated assets, the company has been pivotal in ensuring a reliable and sustainable gas supply, directly contributing to the nation’s industrial and economic growth. Heirs Energies’ gas supplies to these critical power plants not only reinforce its major role in Nigeria’s energy sector, but also underscore its strategic vision in developing operational synergies throughout the energy value chain.

Creating a Nigerian champion in domestic gas supply represents a further example of Heirs Holdings role as a long-term strategic investor in the Nigerian energy sector, with interests in the recently listed Transcorp Power Plc, TransAfam, and Abuja Electricity Distribution Plc, and as an operator of oil-producing assets more than 50,000 barrels of oil equivalent per day (boe/d). With a unique vision of ensuring Africa’s natural resources serve Africa’s interests, the Heirs Group is driven by founder Tony Elumelu’s Africapitalism philosophy of ensuring businesses deliver both economic and social benefits to stakeholders.

Osa Igiehon, CEO of Heirs Energies, praised the company’s growing impact: “Our ability to supply these three major power plants demonstrates Heirs Energies’ dedication to lighting up Nigeria and supporting our country’s journey towards economic and social prosperity. We are not just participants in the energy sector; we are facilitators of growth and development, driven by a mission to ensure that Nigeria’s natural resources benefit its people.”

Heirs Energies’ gas plant in Agbada, Rivers State, produces over 80 MMSCFD (million standard cubic feet per day) of gas. 100 percent of
this gas output is channelled into the domestic market to meet local demands, supporting Nigeria’s energy needs and exemplifying Heirs Energies’ commitment to powering thousands of homes, schools, hospitals, and industries, reinforcing its role in catalysing Nigeria’s
industrialisation.

About Heirs Energies

Heirs Energies Limited (formerly HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs whilst aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads the evolving energy landscape and contributes to a more prosperous Africa.

Feb 12
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Osayande Igiehon

Three Years of Remarkable Achievements

By Latest news

Since its bold entry into the Nigerian oil and gas exploration and production business, integrated independent energy company, Heirs Energies Limited, continues to soar despite the challenging operating environment, writes Peter Uzoho

In January 2021, when the world, especially the global oil and gas industry, was still reeling with the adverse impact of the COVID-19 pandemic, Nigeria’s industry witnessed the news of a landmark deal of the year.
Then, Heirs Energies (formerly Heirs Oil & Gas Limited) was launched into the Nigerian E&P space, following the completion of an eight-year $1.2 billion transaction to acquire the prolific Oil Mining Lease (OML)17 from the Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited, and ENI.
With the deal, Tony Elumelu-owned Heirs Energies began the solidification of the joint venture partnership with its new partner, the Nigerian National Petroleum Company Limited (NNPC), which controls 55 percent of the asset.
However, three years down the line, the company, which is still in a celebratory mood as it recently commemorated its third anniversary, has recorded a lot of milestone achievements since its emergence. Within the short scale of entrance into the oil and gas E&P space, Heirs Energies has displayed a track record of significant production increases, pioneered a new model of community engagement, built a world class Nigerian management team with a sound safety record, all contributing to a new beginning in ensuring Nigeria’s sustainable energy future.
The independent energy firm has consequently become a role model institution within the energy sector, through phenomenal milestones and achievements recorded. These achievements are credited to the company’s sound corporate governance and an excellent operational strategy, thus becoming a major competing force in the oil and gas business.

OIL PRODUCTION GROWTH

One major success achieved by Heirs Energies in the last three years of existence and post-asset acquisition is the significant rise in its oil production, which offered a huge boost to Nigeria’s oil production and revenue generation.
At a time when Nigeria is in dire need of optimising its oil output, Heirs Energies’ oil production has grown from about 27,000 barrels per day (bpd) at the take-over of operational control, to a peak of over 50,000bpd 100 days later by October 5, 2021.
Oil losses, which had reached a peak of 97 per cent late 2021 due to theft, has now been reduced to less than 15 per cent, with definitive actions taken by the government in collaboration with operators to address the pipeline security and related concerns.
Built from scratch, with a 100 per cent Nigerian organisation operating to international industry standards, Heirs Energies took over OML-17 asset operations on July 1, 2021, a month ahead of plan, and has been operating the asset without any major incident/accident.

 DOMESTIC GAS SUPPLY BOOST

Aside its contribution to the growth of Nigeria’s crude oil production, Heirs Energies has also ensured a steady gas production for domestic use, thus signing on to the federal government’s Decade of Gas objective, which aims to encourage more gas production for domestic use. The energy firm commenced gas production without delay and has rapidly become an important contributor to the domestic gas supply in Nigeria. It achieved its first gas from the Agbada Non-Associated Gas (NAG) Plant on November 21, 2021, after taking over the project in May 2021.The significance of this milestone is accentuated by the fact that the Agbada NAG plant had been under construction for over 10 years by the previous operator and upon takeover, the company demonstrated capability and expertise by quickly bringing the plant to mechanical completion and identifying further growth opportunities. It is gratifying to note that 100 percent of gas produced by Heirs Energies goes into the domestic market to meet local demand, providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.

Also, the company started up Train 2 of the Agbada NAG, at the 80mmscf/d capacity gas production facility located in Port Harcourt, Rivers State. With this facility, Heirs Energies has expanded its footprint within the domestic gas market, allowing for an increased supply to gas-based industries and gas-powered electricity generators.
At the third anniversary ceremony of Heirs Energies held recently, the Chairman, Mr. Tony Elumelu, expressed his pride, while reflecting on his vision for the company. He stated: “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest.  I knew Nigeria could do better and control her destiny.
“My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”
Elumelu, who is also the Chairman of United Bank for Africa (UBA) and Transcorp, commended the Heirs Energies’ team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.
He said: “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/CEO, Osa Igiehon.  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.”

STRATEGIC REBRANDING

With the change in the global oil and gas industry’s dynamics, driven by the energy transition pressures and the need for companies to review their operational models to be fit for sustainability, the then Heirs Oil & Gas Limited, in 2023, responded by embarking on a transformative rebranding journey.
That move led to the company evolving from Heirs Oil & Gas to Heirs Energies. The change, according to the energy firm, “echoes our broader vision to not only meet Africa’s unique energy demands but to do so through sustainable and responsible practices that align with global standards”.

EXCELLENT SAFETY RECORDS

When it set out to become an energy company, Heirs Energies had taken a broad view of the kind of organisation it wanted to be known and remembered as in terms of safety culture and compliance, as well as the type of operator-host community relationship it wanted to have to ensure a peaceful operating environment.
Through the implementation of sound safety policies, the company has been able to achieve top quartile safety records. Specifically, Heirs Energies has sustained zero Lost-Time Incident (LTI)-free operations in OML 17 with 1.5 million man-hours operations in 2023.
The above record is a testament to the firm’s commitment to safety best practices as it maintains its zero incident and fatality record from inception.

ROBUST COMMUNITY ENGAGEMENT

However, in the area of community engagement that works for both parties, Heirs Energies has continued to live up to its philosophy of a Shared Destiny with local communities, by seeking out local talent and creating entrepreneurs.
As a result, over 300 young people have been empowered through skill acquisition programmes, from poultry & fish farming, fashion designing, catering, welding and fabrication etc.

Heirs Energies also carried out electrical infrastructure upgrades across host communities, which have impacted a population of over 270,000 people in Ikwerre, Etche, and Obio/Akpor local government areas  of Rivers State.The company’s intervention in education saw it support over 280 undergraduates from host communities with bursary and scholarship awards: classroom furniture upgrades in selected public schools in Etche and Obio/Akpor.Nevertheless, Heirs Energies pioneered establishing the Host Community Development Trust (HCDT), earning commendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and setting an industry benchmark for implementing an innovative governance structure, for the HCDT in the Nigerian oil and gas sector.

WORLD-CLASS NIGERIAN ORGANISATION

As a 100 per cent indigenous company, Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day.
This is, indeed, a true demonstration of Nigerian excellence in institutionalising and executing key strategies.
Notably, the oil producer recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source.  The company’s journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.

Also, Heirs Energies is reputed as one of Africa’s largest indigenous-owned integrated energy companies, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.
With a strong focus on innovation, environmental responsibility, and community development, the independent energy producer leads in the evolving energy landscape and contributes to a more prosperous Africa.

In recognition of its stellar performances within the short time it has been in operation, a number of reputable institutions have commended Heirs Energies through awards of different categories.
For instance, in 2023, Heirs Energies received the ‘Excellence in Sustainable Energy Operations’ award at the Nigerian Business Leadership Awards by BusinessDay Media. The honour, without doubt, was a resounding affirmation of the team’s vigorous dedication and fervent pursuit of sustainability in every of the company’s initiatives.Similarly, in 2022, it was awarded the ‘Africa Deal of the Year 2021’ by Project Finance International (PFI), following its $1.1 billion financing and acquisition of a 45 per cent stake in OML 17, in January 2021.

  • Culled from ThisDay News, Business Special, 12th Feb. 2024 / pg. 38
Jan 22
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Heirs Energies Celebrates Third Anniversary

By Press-release
  • Significant Milestones in Production Growth, Transformational Community Engagement, and a Sound Safety Record

LAGOS 19/01/2024 – Heirs Energies, Africa’s foremost indigenous-owned integrated energy company, commemorated its third anniversary.

In a short timescale, Heirs Energies has implemented a track record of significant production increases, pioneered a new model of community engagement built a world-class Nigerian management team, all contributing to a new beginning in ensuring Nigeria’s sustainable energy future.

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 Chairman of Heirs Energies, Tony O. Elumelu, CFR, expressed his pride, while reflecting on his vision for Heirs Energies, stating, “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled.  The energy sector was an industry that had frankly not served Nigeria’s interest.  I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

Heirs Energies has become a role model institution within the energy sector. Milestones, and achievements within three-years of operations include:

  • Significant rise in oil production: 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.
  • Steady gas production for domestic use: Heirs Energies commenced gas production and has rapidly become an important contributor to domestic gas supply in Nigeria. 100% of gas produced goes into domestic market to meet local demand, 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.
  • 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. Over 300 young people have been empowered through skill acquisition programmes, while the electrical infrastructure upgrades across host communities, have impacted a population of over 270,000 people.
  • A world-class Nigerian organisation: Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day. A true demonstration of Nigerian excellence in institutionalising and executing key strategies.

Chairman, Heirs Energies, Tony O. Elumelu, commended the team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

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

Heirs Energies recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source.  The journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.

About Heirs Energies Limited

Heirs Energies Limited (formerly HeirsHoldings Oil & Gas 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 contribute to a more prosperous Africa.

Dec 20
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Full Speech of MD/CEO, Heirs Energies, Osa Igiehon at the 20th Anniversary/Induction Celebration of IPES, University of Port Harcourt

By News

The Petroleum Industry in the Next 20 Years: Energy Transition and Security

Please permit me to stand on all existing protocols.

First, I want to thank the IPES for the opportunity to share my thoughts on this very pertinent subject, with your distinguished faculty, today’s graduands and their families, industry colleagues, and others here present at this induction ceremony and 20th anniversary celebration of the Institute of Petroleum and Energy Studies (IPES).

I give my warm congratulations to the Institute on attaining the remarkable milestone of your 20th anniversary. As I reflect on the Institute’s achievements over the past two decades, the impact of IPES on the Nigeria petroleum industry is clear, as well as the impact on the lives of those it has touched. Your contributions have helped shape the landscape of petroleum education, research, and capacity development. Hence, I look forward to the next 20 years of impactful contributions to our industry, our country and the world.

Today, we are here to unravel the complex narrative of the future of the petroleum industry and its critical role in the global energy matrix.

In my discourse, I will be talking about the intricate dance between energy demand and supply, energy transition, the key drivers and trends that will likely dominate the energy landscape of the next 20 years and beyond, what our imperatives should be from a Nigerian/ Sub-Sahara African (SSA) perspective in order to have a more robust energy system, and some of the attributes that will be seen in future industry leaders.

The Role of Petroleum in the Global Energy System

The global energy system has evolved over the past few centuries, with coal forming the bed rock of primary energy supply and transiting to a system that is dominated by petroleum.

With the discovery of petroleum in the 1850s, gas and petroleum products increasingly became the major source of global energy. Estimates from the 2023 Energy Institute Statistical Review indicate that for 2022, petroleum accounted for ca. 55% of global energy supply, followed by coal 27%, renewables 7%, hydro 7% and nuclear 4%.

Petroleum is the lifeblood of modern civilization. The transportation sector, consuming more than half of petroleum products, is the most visible testament to this fact. Roads, railways, air travel paths and waterways crisscrossing continents are the veins through which the lifeblood of commerce flows, fueled by petroleum.

Petrochemicals, comprising 17% of petroleum use in 2022, are less visible but equally vital, forming everything from plastics to chemicals and pharmaceuticals. Petroleum is found in items as diverse as footballs, bicycles, tires, electronics etc. In our homes, we are surrounded by and depend on products that contain petroleum – housepaint, trash bags, roofing, shoes, telephones, hair curlers, clothes and even crayons contain refined petroleum.

Historical and Future Energy Demand

Petroleum has catalyzed revolutions, built economies, and defined geopolitical landscapes. It is woven into our everyday life even though in the past decade, there has been increasing calls for a transition of the global energy system away from fossil sources (petroleum and coal) to non-fossil sources.

Projections into 2050 spotlight a growing energy demand and an evolving energy mix. Future global energy demand is projected to grow by approximately 30% over the next 30 years. The growth in energy demand will be driven primarily by population growth, (currently 8bln, projected to grow to 10bln by 2050), urbanisation (currently at 56%, projected to grow to 70% by 2050), improvement in energy access (49% of SSA currently has no access to electricity) and economic growth. Nigeria, as you all recognise, typifies all these factors.

Given the realities of global energy demand – on one hand, considering the available fossil energy supply sources and infrastructure; and on the other hand, considering the nascency of the non-fossil energy sources, related complexities, capital requirement and technological innovation needed to build up this capacity; it is clear that petroleum will remain a key source of energy for the world for decades to come. Additionally, the non-fossil energy sources, comprising renewables and others, will also grow rapidly to meet this increasing global energy requirement.

So, the emerging energy system will not be fossil or non-fossil, it will be fossil and non-fossil, in a manner that carbon emissions are reduced, eliminated and/or captured.

Energy Transition – Osa’s Treatise

Energy Transition is a subject immersed in a lot of complexities, so I will try and deconstruct the subject in layman terms, in what I have called my treatise on the subject.

Foundationally, we need to ask the question “what is the core proposition of the energy transition that is being discussed today?”. To address this question, we need to consider a few key underpinning perspectives.

Let’s start with the proposition that there is always a transition in any human endeavor, driven by discovery, technology, innovation, availability and other factors. Such is the case with our energy system, it has and will evolve over time. However, what is termed today as “energy transition” is an agenda to accelerate the energy transition from fossil energy sources to non-fossil energy sources. The rationale for this acceleration, as very visibly cited by its proponents, is that the release of carbon into the atmosphere is causing climate change, that would endanger the earth in the future. And this agenda has targeted petroleum as the main source of carbon emissions and hence posits that the acceleration from petroleum as a dominant energy source, must happen quickly. This is one viewpoint. However, what is hardly mentioned, is that this viewpoint is also driven significantly by geopolitics and regional energy security considerations.

There is a second and alternate viewpoint, that states that the issue is carbon emissions and not petroleum, so to deal with the climate change debacle, the world should focus on all sources of carbon release, not just petroleum. It would interest you to know that agriculture (cattle) is another material source of carbon emission, but the proponents of the accelerated energy transition from petroleum are conveniently quiet on this. So, this second viewpoint posits that we need to focus on reducing and ultimately eliminating carbon emissions, and additionally sequestrating carbon from the atmosphere as may be required.

This subject, as many who followed the recent UN climate change Conference of Parties in Dubai (COP28) will know, formed the nexus

of the disagreement around the conference communique that ended with the focus being on carbon emissions, and not a phasing out of  petroleum as an energy source. This was a most important development that will shape and reshape this subject in the coming years.

With this foundation, we can then coalesce some of the key tenets of the energy transition, as follows:

It is anticipated that in the future energy system, our primary source of energy will mostly be from renewables (displacing petroleum) and that our primary form of energy consumption will be electricity (displacing petroleum distillates).

The simplest illustration of this is motorized mobility, where petrol and diesel are the predominant fuels used by cars today and in the future, it will be electricity that will be the dominant “fuel”.

Given all these considerations and a lot more for which time will not permit me to expatiate on, with respect to energy transition, I posit strongly that the whole world will not be on a single energy transition journey, but that different parts of the world will have different journeys, as they have different start-points and will likely have different pathways. And it is possible that they may end at different destinations in time.

Energy Imperatives for Sub-Saharan Africa and Nigeria

Our energy scorecard is very stark! ….. between 40 – 70% of our population do not have access to energy. Also, it is important to highlight a fact that is not widely talked about, that Africa contributes only 4% of total global emissions. Further, it is well known that SSA has the lowest energy use per capita in the world, and there is the clear linkage between energy use and economic development. This is our start-point.

Accordingly, for SSA and Nigeria, our top priority must be energy sufficiency. We are rich in all sources of energy – both fossil and non-fossil, and we must harness all these sources to address the energy deficiency in the region.

So, we can see clearly, that from all perspectives – global, regional and country, petroleum is going to remain a key component of the energy system for decades to come.

Nigeria Energy Landscape – An Unfolding Vortex

Over the next 20 years, several key factors will shape our country’s energy system. These include:

  • Global energy transition dynamics and how SSA and Nigeria play in that space. There is a growing positioning from Africa for a just and equitable energy transition for developing countries. This will have an imprint on how the journeys and destinations will evolve globally and locally.
  • Access to capital is going to be a key driver, given that global capital is currently discriminating against petroleum.
  • Gas is going to be key. This is against the backdrop of the global consideration of gas as a “transition” fuel, as well the unfolding geopolitical realities in Europe that sees Western European countries looking to diversify gas supply from Russia. I foresee that as a country we will be faced with the choice of getting the right balance between export vs in-country use of our gas.
  • For oil, focus will mainly be on growing production, and less focus on reserves growth, as the country will push to accelerate oil production ahead of the “global’ energy transition curve. Closely related to this and the access of capital challenge for oil, low-cost brownfield technologies, approaches and capabilities will also become premium.
  • The indigenization of the upstream industry is well underway. By the end of the decade, majority of Nigeria’s petroleum production will be operated by Nigeria independent companies.
  • Enabled by Petroleum Industry Act and market demand, there will be significant growth in the midstream sector for both liquids and gas processing capacities, as well as the product transport infrastructure and systems.
  • And last but not least, I believe that there is going to be a tremendous growth in renewables, particularly solar. This is going to be a gamechanger. The industry is still nascent, challenged and products are expensive, but this industry will gain significant momentum as technology and innovation makes products more accessible to Nigerians and the world at large.

Winning Attributes of the Future

As you can well imagine, the leaders and professionals in the unfolding and future energy system in Nigeria will need to be multifaceted. I believe winners will need to be more value driven, as well as think energy rather than just thinking petroleum as was the case with my generation.

Winners will be skilled and not just educated; they will need to be entrepreneurial, dynamic, innovative and resilient, as the waves of change and complex interactions of the shaping factors will require leaders and professionals with these attributes.

I hope I have been able to share with you today, that the world is more inextricably linked, and that there will be an ongoing interplay between what is happening globally, regionally and locally. So, the energy industry champions of tomorrow will need to have both a global mindset and a solid local anchoring.

So, for the graduands of the IPES joining the energy industry, please know that the industry is not in sunset, but it is the dawn of a new day and there are many new dawns of many new days to come. You will likely see more landscape changes in your career than my generation saw in ours.

Heirs Energies and its contribution to the Nigerian Petroleum Industry

Heirs Energies acquired OML 17 in January 2021. We took over operational control in July 2021. In 100 days, we doubled oil production from 27,000bopd to 52,000bopd, and subsequently, we have also grown our gas production from 50mmscf to a peak of 100mmscf. I am always proud to highlight that all our gas goes into the eastern domestic network enabling power production, and providing feed gas for Gas Based Industries, thereby directly enabling meaningful livelihoods in the eastern part of our country.

We are committed to meeting the future energy needs of Africa, starting with Nigeria, and strongly practice the Africapitalism mantra espoused by our Chairman, Mr. Tony Elumelu, which is to “do well (commercially) and also do good (socially)”.

Conclusion

In conclusion, I want to thank IPES for the opportunity to share these thoughts today.

I look forward to seeing many of our graduands becoming champions of the energy industry in the future. I am confident that with the investment in an IPES education, the foundation for future success has been made.

So, go out there and conquer!

Thank you.

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