• Tuesday, February 27, 2024
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Heirs Energies marks 3 years of operations, says oil output up 48%

Heirs Energies marks 3 years of operations, says oil output up 48%

Heirs Energies says it has implemented a track record of significant production increases, pioneered a new model of community engagement and built a world-class Nigerian management team,

The company said in a statement on Sunday that it has contributed to a new beginning in ensuring Nigeria’s sustainable energy future.

Heirs Energies launched in January 2021, following the completion of an eight-year, $1.2 billion transaction to acquire Oil Mining Lease (OML) 17 from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI, and solidifying the joint venture partnership with the NNPC.

Tony Elumelu, chairman of Heirs Energies, while reflecting on his vision for Heirs Energies, said: “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny.

“My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

Heirs Energies has become a role model institution within the energy sector, according to the statement.

It said its milestones and achievements within three years of operations include a significant rise in oil production, steady gas production for domestic use:

The firm said: “At a time when Nigeria needs to optimise output, Heirs Energies’ oil production has surged from 27,000 to 40,000 barrels a day. Theft and losses, which reached a peak of 97 percent in late 2021, have now been reduced to less than 15 percent, with definitive actions taken by the government to address pipeline security and related concerns.

“Heirs Energies commenced gas production and has rapidly become an important contributor to domestic gas supply in Nigeria. 100 percent of gas produced goes into the domestic market to meet local demand, providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.”

Heirs Energies said it maintained zero Loss Time Injury operations in OML 17 with 1.5 million man-hours.

The statement said: “Heirs Energies continues to live up to a philosophy of a shared destiny with local communities, by seeking out local talent and creating entrepreneurs. Over 300 young people have been empowered through skill acquisition programmes, while the electrical infrastructure upgrades across host communities have impacted a population of over 270,000 people.

“Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day. A true demonstration of Nigerian excellence in institutionalising and executing key strategies.”

Elumelu commended the team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

He said: “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/CEO, Osa Igiehon. Your hard work, dedication and expertise have enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.

“Heirs Energies recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source. The journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.”