KEY POINTS
- Heirs Energies plans to double crude oil output by 2030, building on gains from its OML 17 asset in Nigeria.
- Company eyes Africa-wide expansion, targeting mature assets for upstream growth.
- OPEC warns of looming global supply gap, adding momentum to new investment drives.
In a daring gamble on Africa’s upstream potential, Heirs Energies Ltd. plans to double crude production in the next five years as independent producers on the continent take over for departing oil majors.
In an interview at the Namibia Oil & Gas Conference, Chief Executive Officer Osa Igiehon described the goals, adding that the Nigerian energy company is also looking for opportunities outside of its domestic market.
Heirs has already increased daily production from its flagship asset, Oil Mining Lease 17, which it purchased from Shell Plc in 2021, from 27,000 barrels to roughly 55,000 barrels. With new drilling campaigns and infrastructure improvements, the company now intends to nearly double that amount once more by 2030.
Africa Expansion Plans in Focus
“At the same time, we’re looking at growing the business in Nigeria and also growing in Africa,” Igiehon said. “We typically enter a play with a mature asset and then grow more upstream. Ultimately, expansion will be opportunity-led.”
The strategy, according to the CEO, is evidence that African companies are capable of leading the global energy market rather than merely participating in it. “You create something powerful when you combine world-class execution with African innovation,” he said.
The push reflects a broader trend in Nigeria where local businesses are gaining more value from fields that have been divested by multinational corporations. These operators are now searching overseas, aiming for plays throughout the continent and beyond, after experiencing success at home.
Heirs may benefit from the timing. Unless upstream investments reach an estimated $17.4 trillion, the Organization of the Petroleum Exporting Countries (OPEC) has warned of a possible 23 million barrel per day shortfall in the world’s oil supply by 2030.
Heirs claims that it was established with a dedication to African energy independence and that its goal is to meet the continent’s energy needs while maintaining environmental sustainability and community development as its top priorities.
The Namibia Oil & Gas Conference, established in 2023, has quickly become a key industry gathering, giving African producers a platform to strike deals and shape the region’s energy future.
