We revived 100 oil wells in 100 days – Heirs Energies

Heirs Energies yesterday highlighted how 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 is just as the integrated oil firm vowed to achieve its 100,000 […]

Heirs Energies yesterday highlighted how 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 is just as the integrated oil firm vowed to achieve its 100,000 barrel per day production target in no distant time.

This emerged yesterday at a media parley hosted by the company.

Heirs Energies, the sole operator of OML 17, in Nigeria’s Niger Delta, is a subsidiary of Heirs Holdings founded by foremost African Billionaire and Entrepreneur, Tony Elumelu.

At the briefing, Chief Executive Officer of Heirs Energies, Osa Igiehon recalled how not up to 30 wells were produced when the company took over the OML 17.

However, he disclosed that the company revived 40 wells, adding 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 wrong technically with the well but plagued by security and community issues which the company was able to resolve to get it back to life.

Osa reaffirmed the company’s commitment to transparency, value creation, and Africapitalist principles, adding, “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 CEO added 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 also reaffirmed Heirs Energies’ core philosophy of Africapitalism – building businesses that drive social and economic development. This was demonstrated through local content, indigenous leadership, and community-focused impact.