Oil & Energy
We Revived 100 Oil Wells In 100 Days – Heirs Energies
Leading indigenous integrated energy company, Heirs Energies, has said it transformed the OML 17 from an underperforming asset at takeover to a high-performing asset with over 95-100% terminal delivery.
The investment led to the reactivation of over 100 dormant wells and ramping production within 100 days.
This followed the integrated oil firm’s vow to achieve its 100,000 barrel per day production target in no distant time.
Speaking during a Media Parley, held at Heirs Towers, Victoria Island, Lagos, last Thursday, the Chief Executive Officer, Heirs Energies, Osa Igiehon, recalled that not up to 30 wells were produced when the company took over the OML 17.
Igiegon disclosed that the company had however revived over 40 wells saying “one of the wells that has been shut down for the past 37 years was revived just last week”.
He stated that there was nothing technically wrong with the well but being plagued by security and community issues which the company was able to resolve and got it back to life.
Igiehon reaffirmed the company’s commitment to transparency and value creation, insisting that “Our ambition is to be the leading energy business in Nigeria.
“We are poised and positioned for growth. We work in an integrated energy space which includes renewables. Our ambition is to grow production to 100,000 barrels a day. That’s the journey. But it is not going to be an easy journey but we are determined.”
The Heirs Energies CEO further revealed that the company is the largest supplier of domestic gas in the South East.
“In the Eastern part of Nigeria, we are the largest suppliers of domestic gas into the market. We supply gas to four power plants. So, most of that axis, the gas comes from us and also for all the industries in the Port Harcourt area. So, it is not gas for export, all our gas goes into the domestic market, we are very proud of that”, he stated.
Executive Director/Chief Financial Officer, Sam Nwanze, who gave a detailed presentation on the transformation of OML 17 from an underperforming asset at takeover, plagued by oil theft to a high-performing asset with over 95–100% terminal delivery.
He highlighted the company’s strategic focus on gas, including the commissioning of the Agbada Non-Associated Gas (NAG) Plant, and scaling gas production to over 100 MMscfd, positioning Heirs Energies as a key supplier to the Eastern domestic gas market.
He further reaffirmed Heirs Energies’ core philosophy of Africapitalism – building businesses that drive social and economic development and demonstrated through local content, indigenous leadership, and community-focused impact.