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‘How Heirs Energies Approach Boost Production, Operational Excellence in Nigeria’s Oil, Gas Industry’ – Igiehon, Heirs Energies CEO

…as the company looks to acquire additional assets, expand operations across Africa.

In this interview with Ndubuisi Micheal Obineme, Managing Editor of The Energy Republic, Engr. Osayande Igiehon, Heirs Energies CEO, speaks about his career journey in the global energy industry, as well as the super story behind the Heirs Energies operational excellence in the Nigerian energy, oil, and gas industry, coupled with the company’s ambitious target to acquire additional assets and expand operations across Africa.

The story of Heirs Energies started in 2021 when it acquired OML 17, a prime acreage located onshore in the Niger Delta. The company was seen as a new entrant in Nigeria’s energy, oil and gas industry.

Today, Heirs Energies has proved popular, and transformed from being a start-up company into Nigeria’s leading indigenous energy company through the leadership of Engr. Osayande Igiehon.  Excerpts:

TER: Happy New Year to Heirs Energies! Engr. Igiehon, you have had an exceptional career journey having spent 27 years with Shell, rising to the Group Vice President position, with postings in Nigeria, Netherlands, Russia, and Gabon. How would you describe your career journey and its impact on your current leadership role as the CEO and Managing Director of Heirs Energies? What inspirations would you like to share from your working experience in the energy industry?

Igiehon: My career journey has been both transformational and deeply instructive, shaped by the diverse environments and cultures I encountered over nearly three decades with Shell, both at the regional and International levels. During that time, I was privileged to be based in Nigeria, the Netherlands, Russia, and Gabon. Additionally, I worked on focused assignments in many other countries, to the effect that I either consulted, taught, or audited in countries on all continents except South America. Each of the diverse operational settings I went through presented unique operational demands, cultural nuances, and geopolitical contexts. Taken together, these experiences cultivated my belief in the power of diversity, resilience, and long-term thinking.

Perhaps the most defining period of my career occurred in Gabon, where I served as the Country Chair and Managing Director. The stakes could not have been higher: we faced severe financial pressures triggered by low oil prices, and our immediate challenge was to ensure business continuity while safeguarding jobs and fostering local economic benefits. To achieve a rapid turnaround, I engaged directly with multidisciplinary teams – ranging from technical leads to community liaisons – and consistently emphasized the importance of value delivery and bottom-line impact. In less than a year, we stabilized operations, restored the economic fortunes of the company, rebuilt stakeholder confidence, and demonstrated that strategic collaboration and disciplined execution could deliver tangible results against formidable market headwinds.

These lessons profoundly shaped my leadership style – one grounded in strategic value framing, persistent delivery, accountability, innovation, and empathy. At Heirs Energies, these principles underpin our approach to revitalizing mature assets, optimizing production, and integrating environmental stewardship with economic growth. In particular, I rely on cross-cultural insights gained from my time in Russia and the Netherlands, where I witnessed firsthand how inclusive leadership practices and respect for local contexts can be a springboard for operational excellence.

When I reflect on the inspirations drawn from my work in the global energy sector, one theme resonates above all: people are at the core of any successful enterprise. Whether in the field or the boardroom, real progress happens when teams feel empowered to share ideas, learn from mistakes, and collaborate openly. The oil and gas industry, in particular, demands agility, resilience, and a willingness to rethink established norms. I have seen how even the most entrenched challenges can be overcome when individuals unite around a clear, shared vision.

My journey has also reinforced the power of aligning business imperatives with community aspirations. Energy projects do not exist in a vacuum; they affect people’s livelihoods, local ecosystems, and national development agendas. Leading a turnaround in Gabon taught me that social and environmental commitments can – and should – be catalysts for operational success. Today, I carry that conviction into every aspect of Heirs Energies’ mission, from our environmental safeguards to our community investment programs.

If there is one inspiration I’d emphasize, it would be that no obstacle is insurmountable if approached with clarity, conviction, and the right coalition of people. By embracing challenges as opportunities to refine our methods, empower our teams, and foster a culture of creativity, we not only enhance our immediate performance but also leave a lasting positive footprint in the communities where we operate. This outlook continues to guide my decisions and leadership approach at Heirs Energies, ensuring that our work delivers both robust returns and meaningful, sustainable benefits.

TER: Today, Heirs Energies has taken up the mantle as the operator of OML 17, accounting for 5% of Nigeria’s oil production and another 5% of gas production. Since you came on board, Heirs Energies has demonstrated remarkable operational excellence in growing its oil production from 27,000 to 52,000 barrels per day as well as increased its terminal delivery from three percent in December 2021 to 85 percent presently. What have been Heirs Energies’ driving force and cardinal focus areas leading to increased oil and gas production? What is your company doing to nurture these success stories?

Igiehon: Our remarkable operational gains at OML 17 – most notably, the increase in oil production from 27,000 to over 52,000 barrels per day and the boost in terminal delivery from 3% to over 85% – are the direct result of Heirs Energies’ strong commitment to strategic innovation, disciplined execution, resilience and purposeful collaboration with all stakeholders. At the core of our approach is the Brownfield Excellence (BFE) methodology, which draws on the frameworks that I have developed during my career on how to most efficiently maximize production from brownfields.

Brownfield Excellence (BFE) in Action

BFE centers on optimizing existing fields using rigorous technical frameworks, advanced data analytics, and a profound respect for local contexts. In the case of OML 17, this has meant thoroughly assessing legacy infrastructure, identifying quick-win opportunities for production enhancement, and pursuing targeted well interventions. We have also invested in:

Advanced Technologies: From well-completion techniques to digital field monitoring, we leverage cutting-edge tools to maximize output and minimize downtime.

Data-Driven Insights: Continuous reservoir surveillance and analytics inform decision-making, ensuring that interventions are both timely and cost-effective.

Operational Efficiency & Cost Optimization

A key priority has been the elimination of production bottlenecks and the reduction of non-productive time. By standardizing processes, embracing lean project management, and upskilling our workforce, we have significantly lowered operating costs without compromising on safety or environmental standards. This focus on efficiency is integral to delivering consistent, profitable growth despite market volatility.

Culture of Continuous Improvement

Underpinning our technical strategies is a workplace culture that celebrates innovation and accountability. Our employees are encouraged to question established norms, propose new solutions, and take ownership of results. This relentless drive for value and excellence fuels our ability to adapt quickly, correct course when necessary, and deliver sustainable outcomes that benefit both Heirs Energies, our Joint Venture partners, and our host communities.

Stakeholder Collaboration & Community Development

We recognize that true operational success extends beyond production metrics – it is equally about nurturing trust and fostering inclusive growth. Our close collaboration with community leaders, local businesses, and government officials has been pivotal in addressing shared challenges like crude oil theft and environmental risks. By partnering with these stakeholders and engaging them in constructive dialogue, we have built a sense of collective responsibility for safeguarding our operations.

Environmental Stewardship & Future-Focused Vision

Even as we grow production, we remain deeply committed to reducing our environmental footprint. Cutting-edge flaring reduction programs, the Nigerian Gas Flare Commercialisation Project, biodiversity conservation efforts, and responsible waste management are integral components of our operational framework. We see these measures beyond regulatory obligations but as strategic investments in the long-term viability of our fields and the well-being of the communities around them.

Nurturing Success for the Long Haul

Heirs Energies will continue to embed these practices in every facet of our business, from continued asset revitalization to new acquisitions and expansions. We firmly believe that when operational excellence, community empowerment, and environmental responsibility align, companies can unlock extraordinary value for themselves and the broader society. As we move forward, these principles will remain the cornerstone of our ability to deliver on our promises and create a lasting impact in Nigeria’s energy sector.

TER: How integrated and transparent are Heirs Energies Environmental, Social, and Governance (ESG) strategy and implementation process as well as its impact on stakeholders, especially communities?

Igiehon: At Heirs Energies, ESG is an integrated way of life. Our ESG strategy is fully integrated into every aspect of our operations, from planning and execution to monitoring and reporting. We believe that transparency and accountability are critical to building trust with our stakeholders, particularly the communities where we operate.

Environmental Stewardship: We are committed to minimizing our environmental footprint through sustainable practices and innovative technologies. For example, we have implemented measures to reduce flaring, manage waste responsibly, and protect biodiversity in our operational areas.

Social Responsibility: Our approach to community engagement is rooted in shared prosperity. We work closely with host communities to identify their needs and implement initiatives that promote education, healthcare, and economic empowerment. Our goal is to create a lasting positive impact and foster mutually beneficial relationships.

Governance: We adhere to the highest standards of corporate governance, ensuring that our operations are conducted with integrity, transparency, and accountability. Our governance framework includes robust risk management processes, ethical business practices, and regular stakeholder consultations.

The impact of our ESG strategy is evident in the strong relationships we have built with our stakeholders, and this has enhanced our operational performance and earned the trust and support of our communities.

TER: In 2022, Heirs Energies experienced the most challenging year when there were hard hit by crude oil theft at its operations in the Niger Delta region. What actions were taken to tackle the oil theft issue to a minimal level? What are the key lessons learned from the incident?

Igiehon: The year 2022 posed one of our greatest operational challenges, as crude oil theft in the Niger Delta threatened not only our revenue and production targets but also the social and environmental fabric of our host communities. Rather than view the crisis in isolation, we approached it as a catalyst for deeper collaboration, systemic innovation, and more robust community engagement.

To address the issue, we took a multi-faceted approach:

  • Enhanced Security Measures: We partnered with Government security agencies and local communities to strengthen surveillance and protect our assets. This included deploying advanced monitoring technologies and increasing patrols in vulnerable areas.
  • Community Engagement: We recognized that sustainable solutions require the involvement of host communities. By engaging community leaders and stakeholders, we were able to build trust and foster a sense of collective responsibility for protecting our operations.
  • Operational Adjustments: We implemented operational changes to minimize vulnerabilities and improve infrastructure resilience.
  1. Collaboration with Industry Peers: We worked closely with other operators industry bodies and Government security agencies to share intelligence and best practices for combating oil theft.

The key lesson from this experience is the importance of collaboration and proactive risk management. By working together with stakeholders and leveraging technology, we were able to reduce oil theft to a minimal level and ensure the continuity of our operations.

TER: How can the Nigerian government and indigenous players collaborate to resolve crude oil theft in the Nigerian oil and gas industry? What strategic initiatives would you recommend as a structure for industry collaboration in addressing crude oil theft and pipeline vandalism?

Igiehon: The enduring challenge of crude oil theft in Nigeria’s oil and gas industry demands a cohesive strategy uniting government agencies, indigenous operators, host communities, and industry bodies. First and foremost, the government should champion collaborative frameworks that bring together security forces, regulatory authorities, and private sector expertise in a coordinated response. By creating a dedicated task force with clear mandates, shared intelligence capabilities, and real-time data exchange, operators can systematically address the vulnerabilities in pipelines, storage facilities, and transport routes.

Stakeholder engagement must also extend to the grassroots level. Empowering local communities through education, vocational programs, and direct economic incentives helps transform them into proactive partners in the fight against oil theft, rather than passive bystanders. Government-led policies should reinforce these efforts by enacting stricter legal frameworks and penalties that serve as a deterrent for criminal activities, while simultaneously rewarding communities that exhibit tangible progress in safeguarding assets.

Indigenous players can further strengthen collective resilience by jointly investing in technologies that enable early detection of leaks or tampering. When supported by consistent policy reforms, these innovations bolster operational security and reduce response times to theft incidents. Additionally, periodic industry roundtables would allow operators to share best practices and align on standards for pipeline reinforcement, early-warning systems, and community relations.

Ultimately, building a secure, theft-resistant environment hinges on the interplay of good governance, inclusive community development, robust technology adoption, and purposeful collaboration across every stakeholder group. By adopting a cohesive, long-term approach that recognizes the mutual benefit of stable operations and inclusive growth, Nigeria can significantly reduce crude oil theft and foster a healthier, more sustainable industry for all.

TER: Do you think having a Joint Venture (JV) between Nigerian indigenous companies would enhance the production & asset management of critical oil and gas infrastructures in Nigeria?

Igiehon:  Absolutely. Joint Ventures between Nigerian indigenous companies can be a game-changer for the industry. By pooling resources, expertise, and capabilities, indigenous operators can achieve greater economies of scale, enhance operational efficiency, and drive innovation. JVs also provide an opportunity to share risks and rewards, making it easier to undertake large-scale projects and invest in critical infrastructure.

At Heirs Energies, we are open to strategic partnerships that align with our vision of sustainable energy development. We believe that collaboration among indigenous players is key to unlocking the full potential of Nigeria’s oil and gas sector.

TER: Beyond Nigeria, the African energy, oil, and gas industry has entered an era of growth opportunities following several developments across the oil and gas value chain in the continent. What are your projections on key factors to drive growth in Africa’s oil and gas industry?

Igiehon: Africa’s oil and gas industry is uniquely positioned to experience significant growth, thanks to abundant natural resources, a maturing regulatory environment, and rising demand for reliable, affordable energy across the continent. Several key factors will likely drive and shape this growth trajectory:

  1. Resource Potential and Exploration

Africa’s vast untapped hydrocarbon reserves both onshore and offshore present an immense opportunity for new discoveries and field developments. Strategic exploration investments, supported by more transparent licensing rounds, will continue to attract both indigenous companies and global industry players looking to diversify their portfolios.

  1. Natural Gas as a Bridge Fuel

With global energy markets pivoting toward cleaner sources, Africa’s considerable natural gas reserves can serve as a critical bridge in the continent’s energy transition. By developing gas infrastructure such as LNG facilities, distribution networks, and power generation plants, countries can bolster domestic energy security, reduce flaring, and lower their carbon footprint.

  1. Infrastructure and Logistics

Ongoing investments in pipelines, refineries, petrochemical plants, and export terminals are central to unlocking Africa’s energy potential. Improved infrastructure not only boosts operational efficiency but also expands access to new markets, both domestically and regionally. Public‑private partnerships, supported by multilateral financial institutions, can fast-track these projects and address existing bottlenecks.

  1. Local Content and Capacity Building

A strong focus on local content policies ensures that the wealth generated from the oil and gas sector circulates within African economies. By cultivating indigenous talent, encouraging technology transfer, and integrating local supply chains, African nations can strengthen their energy sectors from within and promote inclusive economic development. This approach also helps mitigate dependence on external expertise, making the industry more resilient over time.

  1. Diversification into Renewables

Even as the oil and gas sector remains vital, many African countries are beginning to invest in solar, wind, and other renewable energy sources. This complementary path not only helps meet domestic power needs more sustainably but also lays the groundwork for a more balanced and flexible energy mix in the long term. Oil and gas operators that embrace renewables and low-carbon technologies can position themselves as leaders in the emerging energy landscape.

  1. Regional Integration and Trade

Cross-border energy projects and harmonized regulatory frameworks can drive economies of scale, facilitate knowledge sharing, and accelerate industrial growth. Initiatives like the African Continental Free Trade Area (AfCFTA) create new pathways for collaboration and resource pooling. This regional focus is critical for smaller markets that may lack the scale to develop large energy projects independently.

Collectively, these factors underscore a dynamic moment for Africa’s oil and gas industry, one that requires strategic partnerships, balanced policy reforms, and a shared commitment to local development. By capitalizing on resource endowments, strengthening infrastructure, and fostering talent, African operators can not only drive robust growth but also shape a more sustainable, inclusive energy future for the continent.

TER: Are Heirs Energies considering acquiring another asset and expanding its operations in Africa in the future?

Igiehon: Yes, we are actively exploring opportunities to acquire additional assets and expand our operations across Africa. Our goal is to build a diversified portfolio of high-quality assets that align with our vision of sustainable energy development that will meet the unique energy needs of Africans.

TER: Are there any projects Heirs Energies is involved in that you would like to share with us?

Igiehon:  where we have already demonstrated substantial gains in production, operational efficiency, and community engagement. Our Brownfield Excellence (BFE) methodology, which integrates rigorous technical evaluations with streamlined project execution, has been pivotal in optimizing well performance, reducing downtime, and enhancing infrastructure reliability. As a direct result, we have doubled our daily oil output in a relatively short span, strengthening our position as a key player in Nigeria’s energy landscape.

Beyond OML 17, we are actively investing in gas development to support Nigeria’s broader energy needs. By capturing and commercializing gas that would otherwise be flared, we not only reduce our carbon footprint but also bolster local power generation and industrial growth. In parallel, we continue to explore renewable energy opportunities—such as solar and potential hybrid solutions—aimed at diversifying our portfolio and further aligning with global sustainability targets. These projects underscore our dual objective of maximizing near-term production while fostering long-term economic and environmental benefits for our stakeholders.

TER: What should the African Energy Bank prioritize to support indigenous companies in terms of project development? What funding strategy could be adopted to ensure the Bank’s financial instruments are allocated efficiently on projects across the African continent?

Igiehon: To accelerate the development of indigenous energy projects across Africa, the African Energy Bank must strike a balance between commercial viability and developmental impact. This entails prioritizing affordable, long-term financing solutions; offering capacity-building programs tailored to local realities, and deploying risk-mitigation tools that encourage private sector investment.

Firstly, affordable access to capital is paramount. Energy projects often involve significant upfront costs with extended timelines before realizing revenue. Providing patient capital—through low-interest loans, longer repayment schedules, or equity-like instruments—enables Indigenous operators to commit to larger and more strategic projects while maintaining stable cash flows.

Secondly, capacity-building programs are critical for enhancing the technical, managerial, and governance capabilities of local companies. By collaborating with multilateral agencies, NGOs, and industry experts, the Bank can fund training initiatives and mentorship schemes that strengthen skills in areas such as project financing, engineering, environmental compliance, and stakeholder engagement. An ecosystem of capable local players fosters both innovation and resilience, ultimately supporting the Bank’s own investment outcomes.

Thirdly, risk-mitigation instruments—such as guarantees, partial risk insurance, and co-financing mechanisms—help de-risk projects that might otherwise struggle to secure traditional financing. Leveraging these instruments to offset exploration, developmental, or geopolitical risks can attract broader participation from commercial lenders, private investors, and international partners, thereby expanding the pool of available capital.

Additionally, support for project pipeline development can streamline the identification and structuring of bankable ventures. By actively collaborating with governments, industry bodies, and local communities, the Bank can set clear eligibility criteria, align on permitting requirements, and facilitate regulatory approvals. This process not only reduces bureaucratic bottlenecks but also ensures investments are channeled toward initiatives with genuine social and economic value.

Finally, regional collaboration and an inclusive funding strategy are vital. Encouraging cross-border energy projects, harmonizing standards among neighboring countries, and fostering power-pooling agreements can maximize impact and promote regional integration. Such efforts unlock economies of scale, reduce duplication, and make the most of shared resources—including knowledge, infrastructure, and human capital.

Taken together, these measures position the African Energy Bank as a pivotal facilitator of sustainable growth. By tailoring financial instruments to local conditions, cultivating expertise on the ground, and incentivizing collaborative ventures, the Bank can ensure that indigenous African operators thrive—and, in turn, fuel broader economic and social development across the continent.

TER: What are Heirs Energies’ main priority areas in 2025 and beyond?

Igiehon: Heirs Energies’ strategic roadmap for 2025 and beyond revolves around several intertwined objectives that emphasize resilience, growth, and sustainability. First and foremost, we will continue to optimize our brownfield assets, leveraging our Brownfield Excellence (BFE) methodology to drive sustained production growth while maintaining a relentless focus on operational safety and efficiency. Building on the success of OML 17, we aim to scale up these proven practices, explore new fields, and deepen our capability to revitalize underutilized assets across Nigeria and the broader African continent.

Equally important is our commitment to advancing energy sufficiency by expanding gas development projects, reducing routine flaring, and investing in cleaner energy solutions. Although hydrocarbons remain integral to our near-term growth, we are strategically positioning ourselves to align with emerging low-carbon opportunities—both to reduce our environmental footprint and to ensure we remain competitive in a rapidly evolving energy landscape.

Another core priority is long-term stakeholder value creation, underpinned by a deep sense of social responsibility. This means continuing to build meaningful partnerships with host communities, investing in education and skills training, and fostering local entrepreneurship. Through these efforts, we aim to secure our social license to operate while creating a more inclusive, prosperous environment for all stakeholders.

Furthermore, innovation and technology adoption will be essential for delivering on our production and sustainability targets. We are committed to deploying advanced digital tools, data analytics, and automated systems that enhance well surveillance, reduce operational bottlenecks, and optimize resource recovery. This culture of continuous improvement—encouraging employees to challenge traditional methods and propose innovative solutions—will help us stay ahead of market fluctuations and regulatory demands.

Finally, we will continue to expand strategically, assessing acquisition opportunities and partnerships that align with our vision of sustainable energy development. Our goal is to cultivate a diversified and resilient asset portfolio, one that balances oil and gas projects with emerging renewable options. By marrying consistent operational performance with thoughtful ESG integration, Heirs Energies aspires to remain a frontrunner in shaping Africa’s energy future well into the coming decades.

TER:  You will be speaking at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2025 conference. What will be your major talking point?

Igiehon:  At the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), my primary focus will be on how innovation and strategic collaboration can accelerate sustainable energy development across Africa. Drawing on Heirs Energies’ successes – particularly our Brownfield Excellence methodology and experience revitalizing mature assets like OML 17 – I plan to illustrate the practical steps operators can take to drive near-term operational gains while simultaneously preparing for a more diversified, low-carbon future.

I will emphasize the importance of building robust partnerships, not only among industry peers but also with host communities, local service providers, and governmental bodies, as genuine collaboration is vital for tackling issues such as infrastructure gaps and crude oil theft. Moreover, I will discuss how to blend technological advancements such as digital well surveillance and data analytics with long-standing community engagement strategies to foster inclusive growth. By sharing these insights, I hope to inspire other African operators to pursue both financially viable and environmentally responsible solutions, ultimately bolstering the region’s energy security and long-term competitiveness.

TER:  How important is SAIPEC to your company’s deliverables and what will Heirs Energies showcase at this year’s SAIPEC?

Igiehon:  SAIPEC holds significant strategic value for Heirs Energies, as it offers an influential platform to engage with industry peers, government officials, and potential collaborators across the African energy sector. By participating in this event, we can both share our insights on operational best practices and learn from others who are tackling similar challenges, whether that involves new technology deployment, community development, or sustainable energy initiatives.

This year, we will showcase the tangible outcomes of our Brownfield Excellence methodology, highlighting the work done at OML 17 and our broader commitment to operational excellence, environmental stewardship, and social responsibility.

Our goal is not only to demonstrate what we have achieved thus far but also to foster valuable partnerships that support continued growth and transformation across the entire African energy landscape.

Source: Energy Republic

CEO feature on Osa Igiehon on Arise Xchange

Our CEO, Osa Igiehon, appeared on Arise Xchange to discuss how Nigeria can push production to 2.7 million barrels/day, the power of indigenous operators like Heirs Energies, and why gas is central to Africa’s energy needs. He emphasized the “AND” approach – fossil fuels and renewables – to meet growing demand.

 

Heirs Energies champions Africa’s energy future with groundbreaking solutions at AEW 2024

Osa at AEW

Heirs Energies, Africa’s leading integrated energy company, delivered transformative insights and solutions at the African Energy Week (AEW) 2024 in Cape Town, South Africa. The landmark event, which convened global energy leaders from November 4-8, served as a platform for charting Africa’s path toward energy sovereignty and sustainability.

In a compelling fireside chat with Energy Intelligence, Osayande Igiehon, CEO of Heirs Energies, presented a masterclass on “Navigating Nigeria’s Energy Future,” offering groundbreaking perspectives on unlocking Africa’s vast energy potential while ensuring environmental stewardship.

“The future of African energy lies not in choosing between traditional and renewable sources, but in harmonizing both to create sustainable solutions that address our unique challenges,” Igiehon emphasized during his address.

Breakthrough achievements and strategic vision:

Revolutionary Field Management: Unveiled the proprietary Brown Field Engineering (BFE) approach, which has achieved an unprecedented 110% production increase in mature assets, setting new industry standards for field optimization

Strategic Energy Integration: Introduced an innovative “AND” strategy that seamlessly integrates hydrocarbon expertise with renewable technologies, creating a blueprint for Africa’s energy transition

Investment Leadership: Presented compelling strategies for attracting global capital, highlighting Africa’s competitive advantage in lower-carbon intensity projects and strategic gas monetization initiatives

Production Excellence: Showcased Heirs Energies’ success in doubling production at OML 17, demonstrating the company’s operational prowess and technical capabilities

During the high-profile panel on “The African Upstream: Investment Trends and Future Opportunities,” Igiehon articulated a bold vision for indigenous energy companies’ role in Africa’s energy transformation. He detailed how Heirs Energies’ integrated approach is reshaping industry standards while advancing the continent’s energy security agenda.

“Our success in revitalizing mature assets while pioneering sustainable practices proves that African companies can lead the global energy transition,” Igiehon stated. “We’re not just participating in the industry’s evolution; we’re driving it.”

Heirs Energies’ commanding presence at AEW 2024 reinforces its position as the torchbearer for Africa’s energy renaissance, skillfully balancing robust energy production with environmental stewardship. The company’s innovative approaches and strategic insights have set new benchmarks for sustainable energy development in Africa.

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 the evolving energy landscape and contributes to a more prosperous Africa.

Tony Elumelu to Co-Chair New Africa Summit at the 8th Edition of Saudi Arabia’s Future Investment Initiative

Tony O. Elumelu, CFR

• Elumelu and other global financial business leaders will headline the FII Opening Plenary titled “Board of Changemakers: Banking & Investment”

• Will also speak on the “Landscape of African Entrepreneurship” in a fireside chat, championing entrepreneurship, investing in youth, and highlighting the fast-growing presence of United Bank for Africa (UBA) in the Gulf

Riyadh – October 21, 2024: Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), and the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, at the upcoming eighth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Themed “Infinite Horizons”, FII will gather some of the world’s most influential leaders, to demonstrate how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity. Elumelu bring his perspective as both a business leader and catalytic philanthropist.

Africa will take centre stage, shaping the discussions at FII. Mr. Elumelu, one of the most prominent voices on Africa’s transformation agenda, will advocate for entrepreneurship and investing in youth as the means to accelerate Africa’s economic growth and development. He will draw insights from the impact and unique model of the Tony Elumelu Foundation, the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication and job creation across Africa.

On October 29, Mr. Elumelu will join other global business leaders, in the Opening Plenary panel, titled “Board of Changemakers: Banking & Investment,” to discuss whether visionary leaders create new economic systems that embrace innovation.

Demonstrating global interest in HH Group companies and the breadth of the HH investment portfolio, the Forum will see the presence of other senior Heirs Holdings executives:

• Owen Omogiafo, President and Group CEO of Transcorp Group, one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa, will join other global female leaders in the energy sector at the HERizon Summit to discuss how women can power sustainable supply chains.

• Osa Igiehon, CEO of Heirs Energies will share insights on energy transition and security at his session focused on powering Africa’s future through green investments. Heirs Energies has made significant impact in Nigeria, driving energy self-sufficiency, through rapid expansion in oil and gas production and building energy value chains, contributing to HH’s integrated energy strategy.

• Muyiwa Akinyemi, Deputy Managing Director, United Bank for Africa Group, will join a roundtable session, leveraging his perspective drawn from his career with Africa’s Global Bank. UBA Group’s presence in the GCC is pivotal in fostering stronger economic ties between Africa and the Gulf, reflecting a commitment to cross-border investment and sustainable growth.

The Tony Elumelu Foundation will also host a plenary session on the sidelines of FII, focused on youth entrepreneurship and its critical role in creating shared prosperity on the continent.

As the advocate of Africapitalism, Mr. Elumelu has long championed entrepreneurship as key to accelerating economic growth across Africa, leveraging his presence at FII to highlight the continent’s vast investment opportunities.

Mr. Elumelu said: “The relationship between Africa and the Gulf has evolved to be a thriving economic partnership, driving growth across both regions. I am proud to co-chair the New Africa Summit at FII, where we will explore mutually beneficial investment opportunities between Africa and the Gulf and highlight the key role entrepreneurship plays in transforming visions into ventures. Together, Africa and the Gulf are building a legacy of shared prosperity for a better tomorrow.”

Heirs Energies Executives Highlight Gas and Renewables as Key to Nigeria’s Energy Future

At the Nigeria Energy Leadership Summit Heirs Energies CEO, Osa Igiehon and Executive Director/CFO, Samuel Nwanze, shared insights on the future of Nigeria’s energy sector.

In his plenary address, Osa stressed that gas-to-power solutions are critical to overcoming the country’s energy challenges. He emphasised the importance of collaboration between upstream companies and power generators to fully unlock Nigeria’s natural gas potential, which could drive economic growth, create jobs, and improve the quality of life for millions of Nigerians.

“Gas-to-power is not just an option; it is the backbone of Nigeria’s energy security,” he said. “While renewable energy is essential, we need a stable baseload power supply, and natural gas provides a cleaner, more reliable alternative to coal and diesel.” He added that leveraging gas for power generation would reduce reliance on imported fuels and stabilise the national grid, helping the country cut carbon emissions while fostering sustainable development.

Osa also pointed to Nigeria’s ambitious targets to provide electricity to over 90% of the population by 2030, noting that these goals are achievable through effective government and private sector collaboration. He emphasized Heirs Energies’ commitment to being a strategic supplier of gas to power plants and industries, aiming to play a key role in ensuring Nigeria’s energy security.

Samuel Nwanze addressed the financial aspects of Nigeria’s energy transition during a fireside chat on the theme, “Investing in Tomorrow: Navigating the $360 Billion Energy Transition.” Sam revealed that Nigeria will need approximately $135 billion to decarbonize its power sector by 2060 and meet net-zero emission goals.

He outlined the critical role of innovative financing, including green bonds and blended finance, to accelerate the development of renewable energy projects. “There is no one-size-fits-all financing solution for renewable energy,” Sam said, highlighting the need for tailored approaches to mitigate project risks and attract capital. He also emphasized the importance of upgrading Nigeria’s grid infrastructure and scaling up off-grid solutions to ensure energy access and sustainability.

Sam also pointed to the need for clear policy frameworks to provide certainty around tariffs and demand, which are essential for attracting long-term investments. “Expanding transmission infrastructure and adopting energy storage solutions are key to integrating renewable energy into the national grid,” he added.

Both Osa and Sam reaffirmed Heirs Energies’ dedication to advancing Nigeria’s energy transition. By combining natural gas with renewable energy solutions, they believe Nigeria can create a sustainable and equitable energy future that will power economic growth.

 

Heirs Energies CEO Discuss Nigeria’s Energy Sector in Financial Times Interview

Osa

Osa Igiehon CEO, Heirs Energies recently featured in an insightful interview with the Financial Times. The interview covers Nigeria’s current oil production challenges, and the significant contributions Heirs Energies is making in the sector.
In the interview, Osa Igiehon discusses:

  • Heirs Energies’ role in Nigeria’s oil and gas production.
  • Challenges such as theft and investment hurdles.
  • The broader energy transition and the emergence of indigenous companies.

Osa

Watch Here

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

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.

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

Lagos, Nigeria – May 13, 2024Heirs 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.

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

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

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

Agbada NAG
  • 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.