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

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

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

Osa Igiehon

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.

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

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.

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

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.

Heirs Energies honoured for Sustainable Operations at NBLA 2023

 

 

 

 

 

 

 

Heirs Energies, an indigenous-owned integrated energy company has marked another milestone by securing the esteemed “Excellence in Sustainable Energy Operations” award at the 2023 Nigerian Business Leadership Awards (NBLA) organised by BusinessDay Media.

This accolade reaffirms Heirs Energies’ strategy towards meeting Africa’s unique energy needs in a sustainable manner.

The Nigerian Business Leadership Awards (NBLA) honours outstanding achievements across various sectors, acknowledging innovation, impact, and sustainable practices among companies nationwide. Heirs Energies emerged a clear leader in the sectoral awards category for its exemplary contributions to sustainable energy operations, a testament to its dedication to revolutionising the energy landscape.

Chief Executive Officer of Heirs Energies, Osayande Igiehon, expressed gratitude for the recognition, stating, “This award is a testament to our team’s relentless dedication and validates our commitment to a shared destiny with the local communities in which we operate. At Heirs Energies, sustainability is not just a goal but our guiding principle driving every one of our initiatives.”

Heirs Energies prioritises transparency, ethics, and corporate social responsibility, ensuring its operations deliver on its sustainability objectives. By empowering communities, mitigating environmental impact, and driving socio-economic development, Heirs Energies continues to demonstrate the capacity to deliver sustainable energy solutions while leveraging emerging technologies.

About Heirs Energies Limited

Heirs Energies Limited (Formerly known as HeirsHoldings Oil & Gas Limited) is an indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals in achieving net zero by 2050. 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.

Heirs Holdings’ Oil & Gas Becomes Heirs Energies

  • Brand Positioning Demonstrates Heirs Holdings’ Integrated Energy Strategy

LAGOS – October 18, 2023 – HeirsHoldings Oil & Gas Limited (HHOG), Africa’s largest indigenous-owned integrated energy company, has announced a major rebranding, changing name to Heirs Energies Limited and with a refreshed logo colour scheme, reinforcing the strategy of meeting Africa’s unique energy needs in a sustainable manner.

With the urgency of achieving net zero emissions by 2050, Heirs Energies will utilise its extensive expertise, resources, and innovation to lead in transforming the energy landscape, while creating a lasting, positive impact on the environment.

Heirs Energies will continue its exploration and production, while leveraging on emerging technologies to cut carbon emissions by eliminating gas flaring, as well as investing in gas utilisation projects to harness the abundant energy sources for improved energy access, that will drive development on the continent.

Tony O. Elumelu, CFR, Chairman of Heirs Energies, commented: “This new brand identity reiterates our passion for innovation, growth, and sustainability in Africa. Heirs Energies signifies our unwavering commitment to environmental responsibility, value creation in Africa, integration across our value chains, while working together with our community towards a shared destiny. We are excited to embark on this transformative journey, that will shape the future of the energy sector in Africa.”

Commenting, the Chief Executive Officer of Heirs Energies, Osayande Igiehon said, “Heirs Energies embodies our unique intention and approach to the energy sector. Our focus is not only on meeting Africa’s unique energy needs, but also doing so in a sustainable and responsible manner, that aligns with global environmental goals.”

Heirs Energies prioritises transparency, ethics, and corporate social responsibility, ensuring its operations deliver on its sustainability objectives. In doing so, the company demonstrates Heirs Holdings founding philosophy of Africapitalism, ensuring the private sector drives African development, responsibly delivering economic and social transformation.

About Heirs Energies Limited

Heirs Energies Limited (Formerly known as HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals in achieving net zero by 2050. 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.

BBC World Reports: Heirs Holdings $1.1bn OML 17 Deal Demonstrates Renewed Confidence in Nigerian Economy

The investment of over $1billion by Heirs Holdings in the acquisition of the strategic OML 17 from Shell, ENI and Total, has been described by various analysts as a very positive affirmation of confidence in the robustness of the Nigerian economy.

At a time of increased pessimism globally and in Nigeria, the huge deal shines a welcome light on the opportunities that are available in Nigeria. Commentators have highlighted the credentials of Heirs Holdings as a committed indigenous business and the presence of Transcorp, Nigeria’s largest listed conglomerate, with over 300,000 shareholders in the transaction. The deal further demonstrates the ability of Tony Elumelu’s led Heirs Holdings to spearhead Africa’s economic resurgence, amidst the calamity posed by COVID-19 pandemic.

For more, listen to the BBC World Report.

Interview: Unpacking Heirs Holdings $1.1 billion OML -17 deal

Lagos, Nigeria, January 18, 2021 – On Arise News, the Chief Financial Officer, TNOG Oil and Gas Limited, Sam Nwanze, shared first-hand information on Heirs Holdings recently unveiled TNOG Oil and Gas, the expectations in the industry, and the role of Heirs Holdings in furthering our commitment to developing Africa’s economy and our host communities.

Watch Here